BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) has boosted its retail Secondary Market Intervention Sales (SMIS) with the sum of 218.41 million dollars.
In addition, the apex bank injected 18 million Yuan into the spot and short-tenored forward segment of the inter-bank foreign exchange market.
The Director, Corporate Communications Department of CBN, Mr Isaac Okorafor said the development was in continuation of the apex bank’s intervention in the inter-bank foreign exchange market.
A statement issued by Okorafor in Abuja on Friday said the intervention, like in previous exercises, catered for requests in the agricultural and raw materials sectors.
The CBN spokesperson said on the other hand, the Chinese Yuan took care of Renminbi-denominated Letters of Credit, even as he expressed satisfaction with the foreign exchange market stability, which largely is as a result of sustained intervention by the apex bank.
The statement said the CBN management remains committed to ensuring all sectors of the forex market continuously enjoy access to their foreign exchange requirements.
According to Okorafor, the development is also to ensure stability in the foreign exchange market continues to attract investors .
The apex bank had on Tuesday, February 4, 2020 offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises (SMEs) as well as the invisibles segments got 55 million dollars each.
Meantime, at the Bureau de Change (BDC) segment of the foreign exchange market on Friday, Naira exchanged at 358 for a dollar with CNY1 exchanging at N46.
