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Forex stability: CBN intervenes with fresh $279.13m, CNY 46.92m for retail SMIS

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The Central Bank of Nigeria has injected fresh $279.13m and CNY 46.92m in the Retail Secondary Market Intervention Sales of the foreign exchange.

Findings revealed that $279. 13m was injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Speaking on the development, the Director, Corporate Communications Department, CBN, Isaac Okorafor, noted that that CNY46.92m was for the payment of Renminbi-denominated letters of credit for agriculture as well as raw materials.

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“Friday’s transaction was in addition to the $210m injected into the wholesale, small and medium enterprises, and invisibles segments of the market on Tuesday, February 5, 2019,” it stated.

Okoroafor lauds the bank’s management at the stability in the different segments of the foreign exchange market. He added that the level of stability to the bank’s transparency in foreign exchange transactions has been helpful to the forex stability.

Naira closed on Friday at N358/$.

According to Okoroafor, the periodic interventions of the bank in the inter-bank segment will continue to stabilise the Naira.

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