By Obinna Chima
The
Central Bank of Nigeria (CBN) yesterday injected $327,440,499.50 into
the interbank market through Retail Secondary Market Intervention Sales
(SMIS).
This was in addition to the sale of CNY 69,707,333.39 in the spot and short-tenored forwards.
The
figures obtained from the CBN showed that the US dollar-denominated
interventions were only for concerns in the agricultural and raw
materials sectors.
The
acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor,
said the exercise which was in tune with the CBN guidelines, were for
the payment of Renminbi denominated Letters of Credit for agriculture as
well as raw materials.
He
added that the sales in the Chinese Yuan were through a combination of
spot and short-tenored forwards, arising from bids received from
authorised dealers.
While
noting that availability of Renminbi was sure to ease pressure on the
Nigerian foreign exchange market, Okorafor attributed the relative
stability in the foreign exchange market to the intervention of the CBN
as well as the sustained increase in crude oil prices in the
international market.
He
further assured that the CBN would remain committed to ensuring that
all the sectors continue to enjoy access to the needed foreign exchange
by Nigerians.
Meanwhile,
the dollar exchanged for N360 at the Bureau de Change (BDC) segment of
the foreign exchange market, while CNY 1 exchanged for N53.35.
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