CBN injects $294.7m, CNY 31.43m into Retail SMIS

CBN Spokesman, Mr. Isaac Okorafor

The Central Bank of Nigeria (CBN) on Friday, May 31, 2019, again intervened in the retail Secondary Market Intervention Sales (SMIS) to the tune of $294.7million.

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

The Director, Corporate Communications Department, Mr. 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.

Mr. Okorafor further reiterated that the market remained stable 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.

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

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