Forex: CBN lifts FX market with fresh injection of $311.5m

Temmy Adebayo

The Central Bank of Nigeria (CBN) on made an intervention of 311.5 million dollars in the retail Secondary Market Intervention Sales (SMIS) and 15 million Chinese Yuan in the spot and short-tenored forwards segment of the inter-bank foreign market.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, confirmed the latest injection in a statement released to the newsmen.

Mr Okorafor disclosed that the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

He said the yuan component was for payment of Renminbi denominated letters of credit for agriculture as well as raw materials.

Mr Okorafor further said the market continues to enjoy stability, owing to the regular interventions by the CBN, which according to him had also guaranteed a stable exchange rate for the naira.

He maintained that the bank’s management remains committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

He said one dollar exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchange at N47.