Nigeria: CBN Injects U.S.$218.41 Million, CNY 18 Million Into Forex Market

10 February 2020

In line with its intervention in the interbank foreign exchange (forex) market, the Central Bank of Nigeria (CBN) at the weekend, injected the sum of $218.41million into the retail Secondary Market Intervention Sales (SMIS) and CNY 18 million in the spot and short-tenored forwards segment of the inter-bank forex market.

The bank's Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

Okorafor, in a statement, further expressed satisfaction over the stability in forex which, according to him, was largely due to sustained intervention by the Bank. He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed forex. He stressed that the stability in the market has continued to attract investors.

The Bank had last Tuesday, offered authorised dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday, February 7, 2020.

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