Money

CBN Lifts Retail Secondary Market With $292.34m

The Central Bank of Nigeria (CBN) has injected the sum of $292.34m dollars into the retail Secondary Market Intervention Sales (SMIS).

CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor explained  that the Bank also intervened with the sum of CNY 22.8million in the spot and short tenored forwards segment of the inter-bank foreign market.

According to Okorafor, the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.

He said that the Bank’s management was satisfied with the performance of naira in the foreign exchange market.

He added that the development would propel the Bank to sustain its intervention in different sectors of the forex market.

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