CBN intervenes in Forex market with $268.60m, CNY39.09m

Posted by News Express | 23 March 2019 | 379 times

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•CBN Spokesperson, Isaac Okorafor

The Central Bank of Nigeria (CBN) on Friday made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange Market totaling $268.60 million and CNY39.09 million.

Figures of the sales consummated on Friday, revealed that the sums were injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor, also confirmed that the sum of CNY39.09 million was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.

Friday’s transaction was in addition to the $210 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, March 19, 2019.

Mr. Okorafor expressed satisfaction on the performance and stability of the economy especially after the country’s 2019 elections.

He attributed the level of stability to the Bank’s transparency in foreign exchange transactions and interventions aimed at the diversification of the economy.

The Naira exchanged on Friday at N360/$1 on Friday, March 22, 2019 in the Bureau De Change (BDC) segment of the market.

Source: News Express

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