Friday, December 6, 2019

CBN boosts retail FOREX market with $ 242.04m, CNY 32.3m

In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday injected about $242.04million into the retail Secondary Market Intervention Sales (SMIS).

Another sum of about CNY 32.3 million was injected in the spot and short-tenured forwards segment of the inter-bank foreign exchange market.

The CBN’s Director, Corporate Communications Department, Isaac Okorafor, said the intervention was for requests in the agricultural and raw materials sectors.

He said the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

The bank has in the past few years been intervening in the foreign exchange market to stabilise the naira and ensure regular supply of foreign exchange to interested persons.

The naira has for about two years maintained a rate of about $360 to a dollar.

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