Forex: CBN injects $289m, CNY38.70m into retail secondary market

David Adenekan
David Adenekan
Banks comply with CBN’s directive to work weekends

In continuation of its intervention, the Central Bank of Nigeria, CBN, has injected 289.76 million dollars in the retail Secondary Market Intervention Sales, SMIS.

In the exercise carried out on Friday, the CBN also intervened to the tune of 38.70 million Chinese Yuan in the Spot and Short tenored forwards of the foreign exchange market.

The intervention, according to CBN spokesman, Mr. Isaac Okorafor, was to continue to sustain adequate liquidity and stability in the market.

He said while the dollar-denominated interventions were mainly for transactions in the agricultural and raw materials sectors, the sales in Chinese Yuan were also for  payment of renminbi denominated Letters of Credit for agriculture and raw materials based on bids received from authorised dealers.

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He assured that the foreign exchange market in the country would continue to be stable given the marginal increase in the country’s external reserves.

He stressed that the bank was happy about the level of stability at both the Bureau-de-Change and the Investors’ and Exporters’ window of the foreign exchange market.

The CBN, he added, was satisfied with the current implementation of the Bilateral Currency Swap Agreement with the Peoples Bank of China.

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