CBN Injects $325.5m into Retail Market SMIS

By Adedapo Adesanya 

The Central Bank of Nigeria (CBN) has disclosed that it injected a sum totalling $325.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the interbank foreign market.

This issuance was made known by the apex bank’s Director, Corporate Communications, Mr Isaac Okoroafor, in a statement from the nation’s capital, Abuja on Friday.

Mr Okoroafor explained that the forex intervention was for agricultural machineries and industrial raw materials,adding that the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

He further stated his optimism on the stability in the forex market, expressing that it would be sustained, also assuring the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The director further disclosed that the bank had on Tuesday offered authorised dealers in the wholesale segment of the market the sum of $100 million and according to him, the Small and Medium Enterprises (SMEs) and the Invisibles segments also received the sum of $55 million each from the apex bank.

Meanwhile, Business Post monitored on Friday that the Naira exchanged at N306.90 to one dollar at the Interbank market while it was exchanged for a N360/$1 at the Parallel Market segment of the foreign exchange market, while 1 Chinese Yuan exchanged at N48.00.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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