The Central Bank of Nigeria (CBN) has injected the sum of $292.34 million into the retail Secondary Market Intervention Sales (SMIS), the bank’s Director, Corporate Communications, Mr Isaac Okorafor has said.
Okorafor in a statement in Abuja said that the CBN also intervened with the sum of CNY 22.8 million in the spot and short tenored forwards segment of the inter-bank foreign market.
According to him, the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.
He explained that the CBN was satisfied with the performance of naira in the foreign exchange market.
He added that the development would propel the Bank to sustain its intervention in different sectors of the forex market.