CBN injects $268.60m, CNY39.09m in retail SMIS

The Central Bank of Nigeria, on Friday, injected $268.60m and CNY39.09m in the Retail Secondary Market Intervention Sales of the foreign exchange market.

A statement from the CBN said that the figures of the sales consummated on Friday, revealing that the sums were injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The  apex bank’s Director, Corporate Communications Department, Isaac Okorafor, also confirmed that the sum of CNY39.09m was for the payment of Renminbi-denominated letters of credit for agriculture as well as raw materials.

Friday’s transaction was in addition to the $210m injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, the bank said.

Okorafor expressed satisfaction on the performance and stability of the economy, especially after the country’s 2019 general elections.

He attributed the level of stability to the bank’s transparency in foreign exchange transactions and interventions aimed at the diversification of the economy.

The Naira exchanged on Friday at N360/$1 on Friday in the Bureau De Change segment of the market.

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