Home Business Retail SMIS Forex intervention: CBN injects $341.75m, CNY14.7m

Retail SMIS Forex intervention: CBN injects $341.75m, CNY14.7m

by Business News Report

The Central Bank of Nigeria (CBN), has intervened in the Retail Secondary Market Intervention Sales (SMIS), to the tune of $341.75 million in addition to CNY14.7 million in the spot and short-tenored forwards segment of the inter-bank foreign market. CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure, on Friday, November 15, 2019, 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 continued to enjoy stability 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 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 Tuesday, November 12, 2019, offered authorised 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.  Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.

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