x

Forex intervention: CBN injects $325.5m into retail market

By Our Reporter

The Central Bank of Nigeria (CBN) has injected 325.5million dollars in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the inter-bank foreign market.

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

Okorafor explained that the dollars intervention was for agricultural machineries and industrial raw materials.

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

Okorafor further expressed optimism that the stability in the forex market would be sustained.

He assured the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The director disclosed that the bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100million dollars.

According to him, the Small and Medium Enterprises (SMEs) and the invisibles segments received the sum of 55 million dollars each.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.00. (NAN)

Hot this week

#FreeNnamdiKanu: Protest Traps Abuja Residents, Close Businesses, and Offices

By Joyce Remi-BabayejuAs the # FreeNnamdiKanu protesters tropped...

ECOWAS Role in Conflict Management and Resolution of the Malian Crisis

By Abdul Mahmoud YayaleThe protracted crisis in Mali...

INSPIRATION: Do Not Let Life Define You

With Mary EwaThough bashed, pained, rejected, and even abandoned,...

Hajj 2026: Dual 23kg Luggage Policy Sparks Logistical Concerns

By Ibrahim Muhammad The newly introduced luggage policy for the...

US-Based Nigerian Entrepreneur Relocates to Abuja, Set to Employ 10,000 Workers in Restaurant Venture

By Achadu Gabriel, KadunaA United States-based Nigerian entrepreneur and...

CSO Urges State Governors to Emulate Jigawa Governor, Approve Advance Payment for 2026 Hajj

By Jabiru HassanIndependent Hajj Reporters (IHR), a faith-based civil...

Plateau Government Reaffirms Support for NYSC’s Rural Health Initiative in Jos East

By Israel Adamu, JosThe Plateau State Government has reaffirmed...

Jang Congratulates Plateau PDP, Commends Gov. Mutfwang for Peaceful Congress

By Israel Adamu, JosFormer Governor of Plateau State, Senator...

Related Articles

Popular Categories

spot_imgspot_img