FOREX: CBN Boosts Retail Market With $271.83m, CNY41.14m

The Retail Secondary Market Intervention Sales (SMIS) of the foreign exchange market, on Friday, received a boost of $271.83 million and CNY41.14 million from Nigeria’s Central Bank, CBN.

The intervention is sequel to CBN’s earlier injection of $205m into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the forex market on Tuesday.

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The apex bank’s Director of Corporate Communications, Isaac Okorafor, disclosed on Friday that the CNY41.14 million intervention “was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.”

Mr. Okorafor expressed satisfaction with the performance and stability of the country’s economy, noting that the country would experience more growth as the Bank has 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.

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