Forex: CBN Injects $218.41m, CNY 18m Into Retail Secondary Market
CBN building

The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS).

This is according to the bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor.

Okorafor, in a statement on Friday in Abuja, said 18 million Yuan was also injected in the spot and short-tenored forward segment of the inter-bank foreign exchange market.

He said the development was in continuation of the CBN intervention in the inter-bank foreign exchange market.

READ ALSO: CBN Injects $323.5m, CNY 17.9m Into Forex Market

Okafor noted that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan on the other hand, was for Renminbi-denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange market which, he largely atributted to sustained intervention by the apex bank.

He assured that the apex bank’s management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

According to the CBN’s Director, Corporate Communications, this is to ensure that the stability in the foreign exchange market will continue to attract investors.