Forex Intervention: CBN Injects $311.5m, CNY15m

The Central Bank of Nigeria (CBN) has injected $311.5 million in the Retail Secondary Market Intervention Sales (SMIS).

The CBN Director of Corporate Communications, Isaac Okorafor, disclosed this in a statement on Friday.

The apex bank also made an intervention of CNY15 million (Chinese Yuan) in the spot and short-tenured forwards segment of the inter-bank foreign market.

Okorafor explained that “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 further said that the market continues to enjoy stability, owing to the regular interventions by the CBN, which according to him had also guaranteed a stable exchange rate for the naira.

He maintained that the bank’s management remains committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

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