The Central Bank of Nigeria (CBN) has made another intervention in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $321, 112,537.31.Figures obtained from the CBN today, September 6, showed that the sum of CNY33, 304,365.10 was also offered in the spot and short tenured forwards segment of the inter-bank foreign exchange market today.
The Director, Corporate Communications Department, Isaac Okorafor, who confirmed the new development said that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan for Renminbi denominated Letters of Credit.
Okorafor said that the market had remained stable because of the regular interventions by the Bank even as he noted that the demand management approach introduced by the apex bank had yielded positive results.
According to him, the CBN management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
It will be recalled that the bank on September 3, offered authorized 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.
