CBN Injects $337.16m, 56.17m CNY Into Retail Secondary Market

BY NKECHI NAECHE--The Central Bank of Nigeria (CBN) at the weekend said it has injected 337.16 million dollars in the retail Secondary Market Intervention Sales (SMIS) in its first intervention in the inter-bank foreign market for November.
This is contained statement issued by Isaac Okorafor, the bank’s Director of Corporate Communications, that the amount was in addition to 56.17million Chinese Yuan (CNY) in the spot and short tenored forwards segment of the market.
The statement  added that the intervention was for requests in the agriculture and raw materials sectors.
He said” Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.”
According to him the market had continued to enjoy stability owing to the regular interventions by the bank, adding that it had also guaranteed stable exchange rate for the Naira.
He assured that the CBN remained committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.
The CBN had on Tuesday intervened in the wholesale segment of the inter-bank Foreign Exchange Market to the tune of 210 million dollars.