Business

CBN boosts SMIS with $297,92m, CNY 21.2

Currency in circulation fell to N2.39trn In August – CBN

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

CBN’s Director of Corporte Communication Mr. Isaac Okorocha made this known weekend.

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 remains committed to meeting the foreign exchange needs of 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.

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