Post Views: 140 As part of its periodic intervention in the inter-bank segment of the foreign exchange market, the Central Bank of Nigeria (CBN) on Fr...
As part of its periodic intervention in the inter-bank segment of the foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, March 8, 2019, said it injected another $269.92m and CNY31.34m in the Retail Secondary Market Intervention Sales (SMIS) segment of the Foreign Exchange market.
The US$ interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the Chinese Yuan component went into payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials .
Confirming the figures, CBN’s Director, Corporate Communications Department, Isaac Okorafor said the level of stability in the market was commendable and would be sustained by the Bank.
Friday’s transaction was in addition to the $210m injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, March 5, 2019.
Meanwhile, the exchange rates closed at the rate of N357/$1 on Friday, March 8, 2019 in the Bureau De Change segment of the market, while the Chinese Yuan, closed at N47/CNY1.