Home BUSINESS BANKING & FINANCE Central Bank Again Intervenes Retail SMIS With $294.7 Million, CNY 31.43 Million

Central Bank Again Intervenes Retail SMIS With $294.7 Million, CNY 31.43 Million

The Central Bank of Nigeria (CBN) has once more intervened in the retail Secondary Market Intervention Sales (SMIS), injecting the sum of $294.7million.

Figures obtained from the Bank on Friday indicated that the sum of CNY 31.43 million was also offered in the spot and short-tenored forwards segment of the inter-bank foreign exchange market.

The Director of Corporate Communications of the apex bank, Isaac Okorafor, made the disclosure, adding that the United States’ dollar 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.

Okorafor said that the market remainedstable because of the regular interventions by the Bank. He also noted that the demand management approach introduced by the Bank had yielded positive results, adding that the CBN Management remained committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

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Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.

Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.

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