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CBN injects 254.8m, CNY 35.8m into Forex Retail SMIS

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Following the injection of $210 million into the wholesale segment of the Inter-Bank Foreign Exchange market on Tuesday, April 16, 2019, the Central Bank of Nigeria (CBN) has intervened in the retail Secondary Market Intervention Sales (SMIS) with the sum of $254.8million.

The bank also injected the sum of CNY 34.8million in the spot and short-tenored forwards segment of the inter-bank foreign market in deals that had their results released on Thursday, April 18, 2019.

This was disclosed by the Director, Corporate Communications Department, Isaac Okorafor, who said that the intervention, like in previous sales, 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 further said that the CBN remained pleased with the performance of the Naira against other major currencies around the globe, stressing that the stability in the market had continued to attract genuine investors and boost trade.

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

Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.

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