The Central Bank of Nigeria (CBN), on Friday, May 3, 2019, said its interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market stood at $271.83m, and CNY41.14m.
This represented an increase from $205m injected on April 30, 2019 into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market.
A statement by Isaac Okorafor, Director, Corporate Communications at the CBN, confirmed that the CNY41.14m was for payment of Renminbi-denominated Letters of Credit for agriculture and raw materials.
Okorafor expressed satisfaction with the performance and stability of the country’s economy, noting that the country would experience more growth, especially as the CBN placed restrictions on the purchase of forex from the Nigerian foreign exchange market for items in the textile and cotton value chain.
Meanwhile, the Naira exchanged at N360/$1 on Friday, May 3, 2019 in the Bureau De Change (BDC) segment of the market.