Business

CBN boosts retail market with $321.11m, ¥ 33.3m

Border Closure and Profiteers

The Central Bank of Nigeria (CBN) has boosts the retail Secondary Market Intervention Sales with $321.11m.

The figures also indicated that the sum of ¥33.3m (Chinese Yuan) was offered in the spot and short tenured forwards segment of the inter-bank foreign exchange market.

The CBN Director of Corporate Communications, Mr. Isaac Okorafor, made the disclosure in a statement in Abuja on Friday.

According to him, the U.S. dollar intervention was for requests in the agricultural and raw materials sectors while the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor said that the market had remained stable because of the regular interventions by the bank.

He noted that the demand management approach introduced by the bank had yielded positive results.

The CBN management, he said, remains committed to ensuring that all sectors of the forex market continue to enjoy access to the needed foreign exchange.

He disclosed that on Tuesday the bank offered authorised dealers in the wholesale segment of the market with the sum of 100 million dollars while the Small and Medium Enterprises and the invisibles segments each received $55m.

Meanwhile, a dollar was exchanged for N358 at the Bureau de Change segment of the foreign exchange market, while one Chinese Yuan exchanged at N46 on Friday.

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