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CBN injects $323.5 million into the foreign exchange market

The bank also intervened with CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.


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CBN headquarters

As part of its weekly interventions in the domestic foreign exchange market, the Central Bank of Nigeria, CBN has injected 323.5 million dollars into the Retail Secondary Market Intervention Sales (SMIS).

This is its last intervention for the month of November.

The CBN Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja.

Okorafor said the bank also intervened with CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.

He explained that the dollars intervention was for requests in the agricultural and raw materials sectors while the Chinese Yuan was for Renminbi denominated Letters of Credit.

Also, read DWINDLING RESERVES: No cause for alarm, says Emefiele

He expressed satisfaction over the stability of the foreign exchange, which he attributed to the sustained intervention by the bank.

The director gave the assurance that the bank remained committed to ensuring that all sectors of the forex market continue to enjoy access to foreign exchange, especially during the forthcoming yuletide season.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.

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