CBN injects $280.04m, CNY 28.3m into Retail SMIS

Nigerian central bank offered dealers in retail secondary market $280.04 million to meet demands in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit, the bank said in an emailed statement on Friday.

The bank also sold CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

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

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

The bank’s Director, Corporate Communications Department, Isaac Okorafor, said he’s satisfied with the “stability of the foreign exchange which according to him, was largely due to sustained intervention by the bank.”