Intervention: CBN Injects $323.5 Into Forex Market - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
November 30, 2019
The Central Bank of Nigeria, CBN has injected 323.5million dollars into the retail Secondary Market Intervention Sales, SMIS forits last intervention for November.
The CBN Director, Corporate Communications Department,Isaac Okorafor who made this known in a statement said the bank also intervenedwith 17.9 million Chinese Yuan, in the spot and short tenored forwards segmentof the inter-bank foreign market.
Okorafor explained that the dollars intervention wasfor requests in the agricultural and raw materials sectors while the ChineseYuan was for Renminbi denominated Letters of Credit. He expressed satisfactionover the stability of the foreign exchange, which he attributed to thesustained intervention by the bank.
The Director gave the assurance that the bank remainedcommitted to ensuring that all sectors of the forex market continue to enjoyaccess to foreign exchange especially during the forthcoming yuletide season.
Meanwhile, N358 was exchanged for a dollar at theBureau de Change segment of the foreign exchange market, while CNY1 exchangedat 48 naira.