Isaac Okorafor, Director Corporate Communications Department, CBN
Isaac Okorafor, Director Corporate Communications Department, CBN

The Central Bank of Nigeria, CBN has made an intervention of three hundred and eleven point five million dollar in the retail Secondary Market Intervention Sales, SMIS and fifteen million Chinese Yuan in the spot and short-tenored forwards segment of the inter-bank foreign market.

The CBN’s Director, Corporate Communications Department, Isaac Okorafor who confirmed the latest injection in a statement in Lagos, said that the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

He said the yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials.

Okorafor further said that the market continue to enjoy stability, owing to the regular interventions by the CBN, which according to him had also guaranteed a stable exchange rate for the naira.

According to him, one-dollar exchange for three hundred and fifty seven naira at the Bureau de Change, BDC segment of the foreign exchange market, while one Chinese Yuan exchange at forty seven naira.