CBN injects $292.34 million into retail Secondary Market

The Central Bank of Nigeria  (CBN) has injected the sum of 292.34 million dollars into the retail Secondary Market Intervention Sales (SMIS).

CBN Director, Corporate Communications, Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor said CBN also intervened with the sum of CNY 22.8 million in the spot and short tenor forwards segment of the inter-bank foreign market.

He explained that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.

He said that the Bank’s management was satisfied with the performance of naira in the foreign exchange market.

Okorafor noted that the development would propel the CBN to sustain its intervention in different sectors of the forex market.

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On Tuesday, CBN offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars.

Also, the Small and Medium Enterprises (SMEs) and invisibles segments received the sum of 55 million dollars each.

In the week, Naira to dollar was exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

CBN injects $292.34 million into retail Secondary Market


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