Forex Intervention: CBN injects another $323.5m, CNY 17.9m into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday, November 29, 2019, made the last intervention for the month of November 2019, with $323.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.

The CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor said 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 stability of the foreign exchange, which according to him, was largely due to sustained intervention by the Bank. He assured that the Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange especially during the forthcoming yuletide season.

Meanwhile, $1 on Friday, November 29, 2019 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.

Recall also, that the Monetary Policy Committee (MPC), had in a meeting held on November 26, maintained interest rate at 13.5%