Nigeria/China Relation: CBN Injects $294 Million, CNY31.43 Million Into Retail SMIS

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As part of efforts to ensure a stable market, the Central Bank of Nigeria has again injected $294.7 million in the retail Secondary Market Intervention Sales. The Director, Corporate Communications Department, of Nigeria's apex bank, Isaac Okorafor disclosed that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors.

Also the bank offered the sum of 31.43 million Chinese yuan in the spot and short-tenured segment of the inter-bank foreign exchange market. It affirmed that the Chinese Yuan was for Renminbi-denominated Letters of Credit.

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