Forex intervention: CBN injects $321.11m, CNY 33.3m into retail market

The Central Bank of Nigeria (CBN) has injected 321.11million dollars into the retail Secondary Market Intervention Sales (SMIS).

The CBN Director of Corporate Communications, Mr Isaac Okorafor, disclosed this in a statement in Abuja on Friday.

Okorafor said the figures indicated that the sum of CNY33.3 million was also offered in the spot and short tenured forwards segment of the inter-bank foreign exchange market.

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

The director said that the market had remained stable because of the regular interventions by the bank.

He noted that the demand management approach introduced by the bank had yielded positive results.

According to him, the CBN management remains committed to ensuring that all sectors of the forex market continue to enjoy access to the needed foreign exchange.

He disclosed that on Tuesday the bank offered authorised dealers in the wholesale segment of the market with the sum of 100 million dollars while the Small and Medium Enterprises (SMEs) and the invisibles segments each received 55 million dollars.

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

-NAN