Isaac Okorafor, CBN SpokesmanThe Central Bank of Nigeria (CBN) has made another intervention of $311.5 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15 million in the spot and short-tenored forwards segment of the inter-bank foreign market.
The Director in the Corporate Communications Department of the apex bank,Isaac Okorafor, who confirmed the development said:“the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials.”
Okorafor said that the market continued to enjoy stability as a result of the regular interventions by the bank.
He said that the regular interventions would guarantee a stable exchange rate for the Naira, even as he assured that the bank’s Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
Meanwhile, $1 exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N47.
