The Central Bank of Nigeria (CBN) on Friday, February 22, 2019, made an intervention of $268.4 million in the retail Secondary Market Intervention Sales (SMIS) and CNY46.3 million in the spot and short tenored forwards segment of the inter-bank foreign market.
The Director, Corporate Communications Department, CBN, Isaac Okorafor, said 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 also expressed satisfaction over the stability in the foreign exchange (Forex) market which, according to him, was largely due to sustained intervention by the bank; adding that the bank would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
However, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the Forex market, while CNY1 exchanged at N54.
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