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CBN Injects $297.92m Into The Secondary Market

CBN Injects $297.92m Into The Secondary Market
The Central Bank of Nigeria has injected $297.92 million into the Secondary Market Intervention Sales (SMIS).
This information was made known on Friday by Mr Isaac Okorafor, the bank's Director, Corporate Communications Department.
According to Mr Okorafor, the CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

Speaking more on this, he stated that the US dollars-dominated transactions are going to meet the requests in the agricultural and raw materials sectors, while the ones in Chinese Yuan are for the Renminbi-denominated Letters of Credit.
He reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market and assured that they remain committed to meeting the foreign exchange needs of all the sectors of the economy.
Meanwhile, a dollar was exchanged at ₦358 while the CNY1 was exchanged at ₦46 at the Bureau De Change segment of the foreign exchange market on Friday.

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