In the latest round of its mediation in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN), on Friday, July 26, 2019, said it injected a total of $284.2m in the retail Secondary Market Intervention Sales (SMIS), in addition to CNY36m in the spot and short-tenured forwards segment of the inter-bank foreign market.
Disclosing this in Abuja on Friday, July 26, 2019, CBN’s Director, Corporate Communications Department, Isaac Okorafor said the US$ denominated transactions were to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan were for Renminbi-denominated Letters of Credit.
Okorafor further expressed the apex bank’s satisfaction with the continued stability in the foreign exchange market and assured that the CBN would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
It will be recalled that the CBN at the last round of sales, on Tuesday, July 23, 2019, intervened in the inter-bank sector of the Foreign Exchange market with the sum of $210m.
Meanwhile, a dollar exchanged for N357 while CNY1 exchanged at N46, at the Bureau de Change (BDC) segment of the foreign exchange market on Friday, July 26, 2019