Home BANKING & FINANCE Central Bank Injects $280.04 Million, CNY 28.3 Million Into Retail SMIS

Central Bank Injects $280.04 Million, CNY 28.3 Million Into Retail SMIS

The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

The latest interventions in the inter-bank foreign exchange market, which were announced today, August 9, by the Director in the bank’s Corporate Communications Department, Isaac Okorafor, were for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.

Okorafor expressed satisfaction with the stability of the foreign exchange which according to him, was largely due to sustained intervention by the bank.

He reassured that the bank’s management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

It will be recalled that the bank on August 6, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

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Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 today.