Home BANKING & FINANCE Central Bank Injects 247.8 Million, CNY 34.8 Million Into Retail SMIS

Central Bank Injects 247.8 Million, CNY 34.8 Million Into Retail SMIS

The Central Bank of Nigeria (CBN) has once more made an intervention of $247.8 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 34.8 million in the spot and short tenored forwards segment of the inter-bank foreign market.

According to the Director in Corporate Communications Department of the apex bank, Isaac Okorafor, the intervention was for requests in the agricultural and raw materials sectors while the Chinese Yuan was for Renminbi denominated Letters of Credit.

Okorafor, today, Friday, expressed satisfaction over the continued stability of the foreign exchange which, according to him, was largely due to sustained intervention by the Bank.

He assured that the apex bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N53.