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CBN Injects $218m Into Secondary Market Intervention Sales

Bank’s Director, Corporate Communications Department of Central Bank of Nigeria (CBN), Isaac Okorafor said the apex bank has injected $218.41million into the Retail Secondary Market Intervention Sales (SMIS).

He added that CNY18 million is injected in the spot and short-tenured forwards segment of the inter-bank foreign exchange market was also inclusive.

Okorafor explained that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors,

He added that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

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

READ ALSO: SMEs Failure To Achieve Target Shall Attract Levy – CBN

He assured that the CBN Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange, stressing that the stability in the foreign exchange market continued to attract investors.

 

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