The Central Bank of Nigeria (CBN), in the latest round of mediation in the inter-bank foreign exchange market, last weekend injected the sum of $284.2million in the retail Secondary Market Intervention Sales (SMIS). This was in addition to CNY36.0million in the spot and short-tenured forwards segment of the inter-bank foreign market.
Disclosing this in Abuja on Friday, July 26, 2019, the Bank’s Director, Corporate Communications Department, Isaac Okorafor, said the United States dollars-denominated transactions were to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan were for Renminbi-denominated Letters of Credit.
Okorafor further noted that the Bank was satisfied with the continued stability in the foreign exchange market and assured that the CBN would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
It will be recalled that the CBN at the last round of sales last Tuesday, intervened in the interbank sector of the Foreign Exchange market with the sum of $210 million. Meanwhile, a dollar exchanged for N357 while CNY1 exchanged at N46, at the Bureau de Change (BDC) segment of the foreign exchange market on Friday, July 26, 2019.