Forex: CBN injects $327m, CNY69m Into Retail SMIS
The Central Bank of Nigeria (CBN), yesterday injected $327million into the interbank retail Secondary Market Intervention Sales (SMIS).
This is in addition to the sale of CNY69million in the spot and short-tenored forwards.
The figures released by the CBN showed that the US dollar-denominated interventions were only for concerns in the agricultural and raw materials sectors.
Mr. Isaac Okorafor, the Acting Director, Corporate Communications at the CBN, said that the exercise which was in tune with the apex bank’s guidelines, were for the payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials.