Business

CBN injects $248m, CNY 35m into Retail SMIS

Forex non-repatriation: CBN directs banks to submit names, BVN of defaulting exporters

 

The Central Bank of Nigeria (CBN) has injected $247.8 million into the retail Secondary Market Intervention Sales (SMIS) and CNY 34.8 million in the spot and short tenored forwards segment of the inter-bank foreign market.

The CBN Director of Corporate Communications Department, Mr. Isaac Okorafor, made this known weekend, saying that the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Mr. Okorafor further expressed satisfaction over the continued stability of the foreign exchange which. According to him, it was largely due to sustained intervention by the Bank.

He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N53.

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