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CBN Intervenes in Foreign Exchange Market with $271.83 million, CNY41.14 million

The Central Bank of Nigeria (CBN), on Friday, May 3, 2019 made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market totaling $271.83million and CNY41.14million.

 The Director, Corporate Communications at the Bank, Mr. Isaac Okorafor also confirmed that the sum of CNY41.14million was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.

 Friday’s transaction was in addition to the $205 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, April 30, 2019.

Mr. Okorafor expressed satisfaction with the performance and stability of the country’s economy, noting that the country would experience more growth as the Bank has placed restrictions on the purchase of forex from the Nigerian foreign exchange market for items in the textile and cotton value chain.  

Meanwhile, the Naira exchanged at N360/$1 on Friday, May 3, 2019 in the Bureau De Change (BDC) segment of the market.

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