CBN Injects another $299.82m, CNY 143.60m into Retail SMIS

by Oru Leonard

The Central Bank of Nigeria (CBN) on Friday, December 14, 2018, made a forex intervention of $299.82million in the retail Secondary Market Intervention Sales (SMIS) and CNY 143.60 million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was disclosed by the Director, Corporate Communications Department, Isaac Okorafor, who revealed that 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, further said that the market has stabilized, owing to the regular interventions by the Bank, which he said has also guaranteed a stable exchange rate for the Naira. He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

The CBN, had on Tuesday, December 11, 2018, intervened in the inter-bank foreign exchange market to the tune of the sum of $210 million.

Meanwhile, $1 exchanged for N362 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N53.