x

Forex: CBN injects $218.41m, CNY 18m into retail secondary market

The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

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

He said the development was in continuation of the CBN intervention in the inter-bank foreign exchange market.

He disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan on the other hand, was for Renminbi-denominated Letters of Credit.

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

He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

According to him, this is to ensure that the stability in the foreign exchange market will continue to attract investors .

The bank was on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of 55 million dollars.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday. (NAN)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Tinubu Appoints Ismael Ahmed as Executive Chairman of Presidential CNG Initiative

President Bola Ahmed Tinubu has appointed Barrister Ismael Ahmed...

Alleged ₦80.2bn Fraud: EFCC Kicks as Yahaya Bello Seeks Medical Travel Abroad

By Gabriel Udeh The Economic and Financial Crimes Commission, EFCC,...

Why we’re raising concerns over alleged contract scam at NNPCL – Coalition

President Bola Tinubu has been asked to terminate the...

Tinubu Assures Abuja Residents, No More ” One Chance” Attacks

By Joyce Remi-Babayeju President Bola Tinubu has assured Abuja residents...

INEC Sets August 16 for Bye-Elections in 12 States, Resumes Voter Registration

The Independent National Electoral Commission (INEC) has announced August...

Tinubu Hosts Fubara, Wike, Rivers Lawmakers in Fresh Push for Peace

President Bola Tinubu on Thursday convened a closed-door meeting...

Kaduna Govt, SMEDAN Seal N1 Billion Partnership to Support MSMEs

The Kaduna State Government has signed a ₦1 billion...

President Tinubu Appoints Grace Henry as First Female Chair of Nigerian Legion

President Bola Tinubu has appointed Grace Henry, a 60-year-old...
spot_img

Related Articles

Popular Categories

spot_imgspot_img