The Central Bank of Nigeria (CBN) on Friday supplied $337.16 million into the retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange (Forex) market.
In addition, the apex bank provided CNY 56.17million for the spot and short tenored forwards segment of the market
The Director, Corporate Communications Department, Isaac Okorafor, explained that the SMIS intervention was to meet the needs of forex users in the agricultural and raw materials sectors while the Chinese Yuan was for Renminbi-denominated Letters of Credit.
Okorafor pointed out that the market had continued to enjoy stability owing to the regular interventions by the apex bank, a development that has continued to ensure a stable Naira exchange rate against other traded international currencies in the forex market.
He assured that the CBN would remain committed to ensuring that all the segments of the market continue to enjoy adequate availability of forex during weekly tradings.
It would be recalled that the apex bank had on Tuesday intervened in the wholesale segment of the inter-bank forex market to the tune of $210 million.
At the end of trading on Friday, $1 exchanged for N362 at the Bureau de Change (BDC) segment of the forex market at the end trading today while CNY1 exchanged for N54.
