Friday, February 21, 2020 / 07:09
PM / by CBN / Header Image Credit: The Guardian Nigeria
The
Central Bank of Nigeria (CBN) on Friday, February 21, 2020, continued its
intervention in the inter-bank foreign exchange market by injecting the sum of
$292.34million into the retail Secondary Market Intervention Sales (SMIS).
The
Bank also intervened with the sum of CNY 22.8million in the spot and short
tenored forwards segment of the inter-bank foreign market.
The
Director of Corporate Communications Department, Isaac Okorafor disclosed this,
noting that the dollar-denominated intervention was for requests in the
agricultural and raw materials sectors, while the Chinese Yuan was for
Renminbi-denominated Letters of Credit.
He
said the Bank's Management continued to be satisfied with the performance of
the Naira in the foreign exchange market, a situation he said will propel the
Bank to sustain its intervention in the different sectors of the forex market.
It
will be recalled that the Bank on Tuesday, February
11, 2020, 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 N46 on Friday, February
21, 2020.
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