Forex intervention: CBN injects $325.5m into retail market

The Central Bank of Nigeria (CBN) has injected $325.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the inter-bank foreign market.

The bank’s Director, Corporate Communications, Isaac Okoroafor, made this known in a statement in Abuja on Friday.

Mr Okoroafor explained that the dollars intervention was for agricultural machineries and industrial raw materials.

He said the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Mr Okoroafor further expressed optimism that the stability in the forex market would be sustained.

He assured the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The director disclosed that the bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100million dollars.

According to him, the Small and Medium Enterprises (SMEs) and the Invisibles segments received the sum of 55 million dollars each.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.00.

(NAN)