CBN Injects 464.8m, CNY35.8m Into Retail SMIS In One Week

CBN Injects 464.8m, CNY35.8m Into Retail SMIS In One Week

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Post Views: 125 The Central Bank of Nigeria (CBN), on Thursday, April 18, 2019, intervened in the retail Secondary Market Intervention Sales (SMIS) to...

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The Central Bank of Nigeria (CBN), on Thursday, April 18, 2019, intervened in the retail Secondary Market Intervention Sales (SMIS) to the tune of $254.8m.
This brings total intervention for the week to $464.8m, after the bank injected $210m into the wholesale segment of the Inter-Bank Foreign Exchange market on Tuesday, April 16, 2019.
Another CNY 34.8m was injected in the spot and short-tenored forwards segment of the inter-bank foreign market in deals that had their results released also on Thursday, according to a statement quoting CBN’s Director, Corporate Communications Department, Isaac Okorafor.
He said the intervention, like in previous sales, was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.
Okorafor further said that the CBN remained pleased with the performance of the Naira against other major currencies around the globe, stressing that the stability in the market had continued to attract genuine investors and boost trade.
He assured that the Bank Management would remain committed to ensuring that all the sectors of the forex market 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 N55.

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