Agri­cul­ture, raw ma­te­rial sec­tors get forex boost as CBN in­jects $337.16m, CNY 56.17m into re­tail SMIS

Business a.m. - - NEWS - Ades­ola Afo­labi

IN ITS FIRST IN­TER­VEN­TION IN the in­ter-bank for­eign mar­ket for the month, the Cen­tral Bank of Nige­ria (CBN) on Fri­day, Novem­ber 2, 2018, in­jected the sum of $337.16 mil­lion in the re­tail sec­ondary mar­ket in­ter­ven­tion sales (SMIS) in ad­di­tion to CNY 56.17 mil­lion in the spot and short tenored for­wards seg­ment of to the tune of and.

Isaac Oko­rafor, di­rec­tor, cor­po­rate com­mu­ni­ca­tions at the CBN dis­closed this last Fri­day, say­ing the in­ter­ven­tion was for re­quests in the agri­cul­tural and raw ma­te­ri­als sec­tors. The Chi­nese Yuan, on the other hand, was for Ren­minbi de­nom­i­nated Let­ters of Credit.

Oko­rafor said the mar­ket had con­tin­ued to en­joy sta­bil­ity ow­ing to the reg­u­lar in­ter­ven­tions by the bank, which he said had also guar­an­teed a sta­ble ex­change rate for the Naira. Con­tin­u­ing, he as­sured that the apex bank man­age­ment would re­main com­mit­ted to en­sur­ing that all the sec­tors of the forex mar­ket con­tinue to en­joy ac­cess to the needed for­eign ex­change.

The CBN had on Tues­day, Oc­to­ber 30, 2018 in­ter­vened in the whole­sale seg­ment of the in­ter-bank for­eign ex­change mar­ket to the tune of $210 mil­lion.

Mean­while, $1 ex­changed for N362 at the bureau de change (BDC) seg­ment of the for­eign ex­change mar­ket, while CNY1 ex­changed for N54.

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