CBN Pumps $297.92m, CNY21.2m Into Retail Secondary Market

The Central Bank of Nigeria (CBN), on Friday, August 23, 2019, again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $297.92m.
Another CNY21.2m was sold at the spot and short-tenured forwards segment of the inter-bank foreign market, according to a statement by Isaac Okorafor, its Director of Corporate Communications.
Okorafor explained that the US$-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 expressed satisfaction of its management with the sustained stability in the foreign exchange market and assured that the CBN remains committed to meeting the foreign exchange needs of all sectors of the economy
Meanwhile, the dollar on Friday, August 23, 2019, exchanged for N358, while CNY1 exchanged at N46 at the Bureau de Change (BDC) segment of the foreign exchange market.