Connect with us

Business

CBN injects $325.5m into retail market

Published

on

Emefiele was accused of conferring corrupt advantage on his wife

The Central Bank of Nigeria (CBN) has injected 325.5 million dollars in the retail Secondary Market Intervention Sales (SMIS) and CNY14 million in the spot and short tenured forwards segment of the inter-bank foreign market.

The bank’s Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor explained that the dollars intervention was for agricultural machineries and industrial raw materials.

He said the Chinese yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Advertisement

Okorafor further expressed optimism that the stability in the forex market would be sustained.

READ: UBA honours Kola Jamodu after 12 years of service

He assured the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The director disclosed that the bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars.

Advertisement

According to him, the Small and Medium Enterprises (SMEs) and the invisible segments received the sum of 55 million dollars each.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.00.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2015 - 2024 ChronicleNG

Discover more from Chronicle.ng

Subscribe now to keep reading and get access to the full archive.

Continue reading