CBN Supply retail FOREX market with $ 242.04m, CNY 32.3m

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The Central Bank of Nigeria (CBN) on Friday once again showed what clearly mean continually intervention in the inter-bank foreign exchange market, injected about $242.04million into the retail Secondary Market Intervention Sales (SMIS).

Another sum of about CNY 32.3 million was injected in the spot and short-tenured forwards segment of the inter-bank foreign exchange market.


In statement, the Director, Corporate Communications Department of CBN, Isaac Okorafor, said the intervention was for requests in the agricultural and raw materials sectors.


He said the sum of about CNY 32.3 million of Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.


The bank has in the past few years been intervening in the foreign exchange market to stabilise the naira and ensure regular supply of foreign exchange to interested persons.


The Nigeria currency, Naira has remained stable for about two years at about $360 to a dollar per rate.

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