FOREX: CBN supplies $254.8m, CNY 35.8m to retail market

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)
Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) on Thursday boosted the retail Secondary Market Intervention Sales (SMIS) market with the supply of about $254.8million.

The CBN spokesperson, Isaac Okorafor, said the bank also injected about CNY 34.8million in the spot and short-tenored forwards segment of the inter-bank foreign market in deals released on Thursday.

Mr Okorafor said this followed the injection of about $210 million into the wholesale segment of the Inter-Bank Foreign Exchange market by the bank on Tuesday.

He said the intervention, as in previous sales, was to meet requests in the agricultural and raw materials sectors of the economy.

On the other hand, the Chinese Yuan was for Renminbi-denominated Letters of Credit (LCs).

Mr Okorafor said the CBN is pleased with the performance of the Naira against other major international currencies.

He said the stability in the market had continued to attract genuine investors and boost trade in the country.

He assured that the CBN management would remain committed to ensuring that all the sectors of the foreign exchange market enjoyed access to the needed foreign exchange.

At the end of trading on Thursday, the dollar exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N55.

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