Economy

CBN injects $284.2m, CNY36m into retail secondary market

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The Central Bank of Nigeria (CBN) has injected 284.2 million dollars in 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.

Okorafor said the move was the latest round of mediation in the inter-bank foreign exchange market.

He said the bank also injected CNY36.0 million in the spot and short-tenured forwards segment of the inter-bank foreign market.

The Spokesperson explained that 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 added that the bank was satisfied with the continued stability in the foreign exchange market and assured that the CBN would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

The Nigeria News Agency recalls that CBN at the last round of sales on July 23, intervened in the inter-bank sector of the Foreign Exchange market with the sum of 210 million dollars.

Edited by Muhammad Suleiman Tola

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Mustapha Sumaila

Mustapha Sumaila: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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