Forex Intervention: CBN injects $247.8m, CNY 34.8m into Retail SMIS

Oru Leonard

The Central Bank of Nigeria (CBN) on Friday, April 5, 2019, made an intervention of $247.8million in the retail Secondary Market Intervention Sales (SMIS) and CNY 34.8million 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 expressed satisfaction over the continued stability of the foreign exchange which, according to him, was largely due to sustained intervention by the Bank. 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.

Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N53.

News Dot Africa had earlier reported the reduction of the interest rate by the CBN/MPC from 14% to  13.5%.