The Central Bank of Nigeria, CBN, has injected the sum of two hundred and eighteen point four-one million dollars into the retail Secondary Market Intervention Sales, SMIS.
The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja.
Mr. Okorafor said eighteen million Yuan was also injected in the spot and short-tenured forward segment of the inter-bank foreign exchange market.
While saying that the development was in continuation of the CBN intervention in the inter-bank foreign exchange market, Mr. 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.
Mr. Okorafor, who further expressed satisfaction over the stability of foreign exchange market, which according to him, was largely due to sustained intervention by the apex bank, assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.
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