In its continuous efforts to sustain the interventions in the Forex Market and providing FX liquidity in the system, the Central Bank of Nigeria (CBN), made an intervention of USD$268.6 million in the Retail SMIS and CNY 29.2million in the spot and forward segment of the inter-bank foreign market.
Mr. Isaac Okorafor, the director of corporate communications department of CBN revealed the intervention on Friday 17th May, 2019. According to him, the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.
Mr. Okorafor expressed satisfaction with the continued stability of the foreign exchange which, according to him, was largely due to sustained intervention by the CBN. He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the foreign exchange market enjoy continuous access to the needed funds.