Business

CBN sells $317.52m, 58.40m CNY into Retail SMIS

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The Central Bank of Nigeria (CBN) on Friday sold a total of $317.52 million and an additional 58.40 million Chinese Yuan into the retail Secondary Market Intervention Sales (SMIS) and spot and short-tenored forwards segment respectively, the bank said in an emailed statement.
This is the fifth sale in the series of the bank’s intervention since Nigeria entered into a Bilateral Currency Swap Agreement (BCSA) with the Peoples’ Bank of China in order to reduce the pressure on the naira exchange rate, ease trade transactions between Nigeria and China and maintain financial market stability in Nigeria.
The US dollar-denominated sales were targeted only at actors in the agricultural and raw materials sectors while the Yuan was for Renminbi denominated Letters of Credit, the bank said through its Director, Corporate Communications Department, Isaac Okorafor.
It will be recalled that the bank on Tuesday sold $210 million to nter-bank Foreign Exchange Market.
Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchanged for N53.

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