The Central Bank of Nigeria (CBN) Friday, intervened in the retail Secondary Market Intervention Sales (SMIS) with $268.4million in the retail SMIS and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market.
The CBN Director, Corporate Communications Department, Isaac Okorafor, made this disclosure and revealed 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 stability in the foreign exchange market which, according to him, was largely due to sustained intervention by the Bank. He assured that the Bank 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 N54.