Home Business Forex Intervention: CBN injects $268.4m, CNY 46.3m into retail SMIS

Forex Intervention: CBN injects $268.4m, CNY 46.3m into retail SMIS

by Business News Report

The Central Bank of Nigeria (CBN) on Friday, February 22, 2019, made an intervention of $268.4million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was disclosed by the Director, Corporate Communications Department, Central Bank of Nigeria, 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 stability in the foreign exchange market which according to him, was largely due to sustained intervention by the Bank. He assured that the Bank 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 N54.

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