Business

CBN injects $325.56m, CNY14m into Retail SMIS

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

The Central Bank of Nigeria (CBN) has intervened in the retail Secondary Market Intervention Sales (SMIS) with the sum of $325.5million and CNY14million in the spot and short-tenored forwards segment of the inter-bank foreign market.

The CBN Director, Corporate Communications Department, Isaac Okorafor, made this known weekend, said the intervention was for agricultural machineries and industrial raw materials. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed optimism that the stability in the forex market would be sustained and therefore assured the public, particularly genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The Bank in its last intervention on Tuesday, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.

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