CBN Injects $268.4m, CNY46.3m Into Retail SMIS

CBN Injects $268.4m, CNY46.3m Into Retail SMIS

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Post Views: 291 The Central Bank of Nigeria (CBN) on Friday, February 22, 2019, intervened again to the tune of $268.4m in the retail Secondary Market...

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The Central Bank of Nigeria (CBN) on Friday, February 22, 2019, intervened again to the tune of $268.4m in the retail Secondary Market Intervention Sales (SMIS) and another CNY46.3m in the spot and short tenored forwards segment of the inter-bank foreign market.
According to the Director, Corporate Communications Department at the CBN, Isaac Okorafor, the intervention was for requests in the agricultural and raw materials sectors.
The Chinese Yuan on the other hand, he continued, was for Renminbi denominated Letters of Credit.
Okorafor further expressed satisfaction at the stability in the foreign exchange market which according to him, was largely due to sustained intervention by the apex bank, expressing commitment 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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