CBN intervenes with $ 269.92m, CNY 31.34m in Retail SMIS

Oru Leonard

The Central Bank of Nigeria (CBN), has continued its periodic intervention in the inter-bank segment of the foreign exchange market, on Friday, March 8, 2019, by injecting the sums of $269.92 million and CNY 31.34 million in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market.

The dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the CNY 31.34 million component was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials .

Confirming the figures, the Banks Director, Corporate Communications Department, Mr. Isaac Okorafor said the level of stability in the market was commendable and would be sustained by the Bank.

Fridays transaction was in addition to the $210 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, March 5, 2019.

Meanwhile, the exchange rates closed at the rate of N357/$1 on Friday, March 8, 2019 in the Bureau De Change segment of the market, while the Chinese Yuan, closed at N47/CNY1.