CBN injects $271.83million, CNY41.14million in retail FOREX market

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The retail secondary market intervention sales (SMIS) of the Foreign Exchange market on Friday received $271.83 million and CNY41.14 million from the Central Bank of Nigeria (CBN) as part of the continuous intervention effort to stabilize the market.

CBN spokesperson, Isaac Okorafor, said about CNY41.14 million was allocated for the payment of Renminbi-denominated Letters of Credit (LCs) for agriculture as well as raw materials.

Mr Okorafor said Friday’s intervention was in addition to the $205 million injected into the Wholesale, Small and Medium Enterprises as well as the Invisibles segments of the market last Tuesday.

He said the performance and stability of the country’s economy were satisfactory, as the country is poised for more growth, with more restrictions on the purchase of FOREX for 43 items, including those in the textile and cotton value chains.

Meanwhile, the Naira on Friday remained stable in the Bureau De Change (BDC) segment of the market, exchanging at N360 to the dollar.

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