Saturday,
November 30, 2019 / 06:08AM / by CBN / Header Image Credit: US News Money
In its last intervention for the month of
November, the Central Bank of Nigeria (CBN) on Friday, November 29,
2019, made an intervention of $323.5million in the retail Secondary Market
Intervention Sales (SMIS) and CNY 17.9million in the spot and short tenored
forwards segment of the inter-bank foreign market.
The CBN Director in charge of Corporate
Communications Department, Mr. Isaac Okorafor said 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 of the foreign exchange, which according to him, was largely due
to sustained intervention by the Bank. He assured that the Bank Management
would remain committed to ensuring that all the sectors of the forex market
continue to enjoy access to the needed foreign exchange especially during the
forthcoming yuletide season.
Meanwhile, $1 on Friday, November 29, 2019
exchanged for N358 at the Bureau de Change (BDC) segment of the foreign
exchange market, while CNY1 exchanged at N48.
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