Forex: CBN injects $298.71m into retail market

The Central Bank of Nigeria (CBN) has stated that it had made another intervention of $298.71 million in the retail Secondary Market Intervention Sales (SMIS).

Its director, Corporate Communications Department, Mr Isaac Okorafor, disclosed this in a statement in Abuja Friday.

Okorafor said the bank had also injected 39.69 million Chinese Yuan (CNY) in the spot and short-tenured forwards segment of the inter-bank foreign market.

He said the interventions in U.S. dollars, just as in previous transactions, were to meet requests in the agricultural and raw materials sectors.

Okorafor expressed the satisfaction of the bank’s management with the stability in the foreign exchange market, adding that it would continue to make necessary interventions to ensure liquidity in the Nigerian market.

He said the bank was further encouraged by the improved inflow of foreign exchange, which had kept the exchange rate around the N360/$1 for close to 30 months.

He urged Nigerians to continue to support the policies of CBN aimed at boosting the production capacity of local industries as well as creating jobs for citizens.

Okorafor gave the assurance that the apex bank would remain committed to ensuring that all the sectors of the foreign exchange market continued to enjoy access to the needed foreign exchange.

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