Nigeria Business & Finance Updates

CBN injects additional dollars, yuan

The Retail Secondary Market Intervention Sales (SMIS) received a boost of $280.04 million from the Central Bank of Nigeria (CBN) on Friday. The banking sector regulator also injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

The latest interventions in the inter-bank foreign exchange market, which were announced by the Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, were for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit. Okorafor further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the Bank. He reiterated assurances that the Bank’s 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 last Tuesday offered authorised dealers in the wholesale segment of the market the sum of $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

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