CBN Boasts Retail SMIS With $311.5m, CNY15m
The Central Bank of Nigeria (CBN) at the weekend sustained its efforts at boasting business activities with huge US dollars and Chinese Yuan investments in the inter-bank foreign exchange market
The figures showed an intervention of $311.5 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15 million in the spot and short-tenored forwards segment of the market.
According to the Director, Corporate Communications Department at the CBN, Isaac Okorafor, “the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.”
Further confirming the transactions, Okorafor explained that the “yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials”.
The apex bank spokesman said the market continued to enjoy stability, owing to the regular interventions by the bank, adding that the development has also guaranteed a stable exchange rate for the Naira.
He reiterated CBN’s management commitment to ensure all the sectors of the forex market continue to enjoy access to the needed foreign exchange for their operations.
At the close of business, one US dollar ($1) exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N47
