CBN Lifts Forex Market With Fresh $318.03m, CNY 62.18m
The Central Bank of Nigeria has intervened in the retail Secondary Market Intervention Sales (SMIS) of the Forex market with fresh $318.03 million on Friday.
This was according to CBN’s Director of Corporate Communications, Isaac Okorafor, who revealed that the bank also intervened in the spot and short-tenored forwards segment of the market with CNY62.18 million.
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According to Mr Isaac, ‘‘the retail SMIS were for requests in machineries, agricultural and raw materials sub-sectors, while the Chinese Yuan was for Renminbi denominated Letters of Credit.’’
He also stated that the CBN remains committed to ensuring stability of exchange rate in the Forex market by intervening continuously in the market as the need arises.
The Communications Director noted that the CBN on Tuesday lifted the inter-bank foreign exchange market with $210 million.
He said as of Friday, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.
