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CBN sold $279.13m, CNY 46.92m to Retail SMIS, Friday

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The Central Bank of Nigeria (CBN) on Friday sold a total of $279.13 million and CNY 46.92 in the foreign exchange as per of its Retail Secondary Market Intervention Sales (SMIS), its Director, Corporate Communications Department, Isaac Okorafor said in a statement.

 

According to the bank, the sum of $279,128,518.66 was injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the sum of CNY46,924,114.04 was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.

 

Friday’s transaction was in addition to the $210 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, the bank said.

 

With the exchange rates closing at N358/$1 on Friday, February 8, 2019, Okorafor expressed confidence that the Naira will continue to enjoy stability, given the periodic interventions of the Bank in the inter-bank segment.

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