CBN intervenes in Forex market with $297.92, CNY21.2

Posted by News Express | 24 August 2019 | 490 times

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•CBN Spokesman Isaac Okorafor

The Central Bank of Nigeria (CBN) has made interventions in the retail Secondary Market Intervention Sales (SMIS), to the tune of $297.92 million in addition to CNY21.2m in the spot and short-tenured forwards segment of the inter-bank foreign market.

This was disclosed in Abuja on Friday, August 23, 2019, by the Bank’s Director in charge of Corporate Communications Department, Mr. Isaac Okorafor. According to him, the United States dollars-denominated transactions were to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan were for Renminbi-denominated Letters of Credit.

Okorafor reiterated that the Bank’s Management was satisfied with the continued stability in the foreign exchange market and assured that the CBN remain committed to meeting the foreign exchange needs of the all sectors of the economy

Meanwhile, the dollar on Friday, August 23, 2019 exchanged for N358 while CNY1 exchanged at N46 at the Bureau de Change (BDC) segment of the foreign exchange market.


Source: News Express

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