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CBN pumps $218.41 million into foreign exchange market

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THE Central Bank of Nigeria (CBN) as part of its effort to sustain the foreign exchange market has pumped the sum of $218.41million into the retail secondary market intervention sales (SMIS).

Director, Corporate Communications Department, Isaac Okorafor, disclosed on Friday that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors.

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

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

The bank director expressed satisfaction on the stability currently in the foreign exchange market in the country, which was due to the intervention by the apex bank.

He gave his words that the CBN would continue to satisfy every sector in the foreign exchange market, stressing that the stability in the foreign exchange market continued to attract investors.

As at Friday, February 7, 2020 $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46.

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