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CBN says it strengthened FX market with $242m

The Central Bank of Nigeria (CBN) on Friday, said it intervened in the foreign exchange market by injecting as much as $242.04million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

Isaac Okorafor, the bank’s Director, Corporate Communications Department, said the intervention was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

It will be recalled that the bank on Tuesday, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55 on Friday.

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Written by Ruth Olurounbi

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