The Central Bank of Nigeria (CBN) on Friday, April 5, 2019, intervened in the retail Secondary Market Intervention Sales (SMIS) with $247.8m, in addition to CNY 34.8m in spot and short tenored forwards segment of the inter-bank foreign market.
According to Director, Corporate Communications Department, Isaac Okorafor, the intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi denominated Letters of Credit.
Okorafor further expressed satisfaction with the continued stability of foreign exchange which, according to him, was largely due to sustained intervention by the CBN.
He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N53.