CBN Injects $321.11m, CNY 33.3m Into FX Market

CBN Injects $321.11m, CNY 33.3m Into FX Market

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Post Views: 97 The Central Bank of Nigeria (CBN), on Friday, September 6, 2019, made yet intervention amounting to $321,112,537.31 in the Retail Secon...

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The Central Bank of Nigeria (CBN), on Friday, September 6, 2019, made yet intervention amounting to $321,112,537.31 in the Retail Secondary Market Intervention Sales (SMIS).
Data from the CBN showed that another CNY33,304,365.10 was earlier offered in the spot and short-tenured forwards segment of the inter-bank foreign exchange market on Friday, August 30, 2019.
A statement by the CBN quoted the Director, Corporate Communications Department, Isaac Okorafor, as saying the US$ intervention was to meet demand in the agricultural and raw materials sectors.
On the other hand, the Chinese Yuan denominated intervention was for Renminbi denominated Letters of Credit.
Okorafor expressed confidence that the market had remained stable because of the regular interventions by the CBN, noting that the demand management approach introduced has yielded positive results.
The CBN management, he assured, would remain committed to ensuring that all sectors of the forex market continue to enjoy access to the needed foreign exchange.
Recall that the apex bank, on Tuesday, September 3, 2019, offered authorized dealers in the wholesale segment of the market a total of $100m, while the Small and Medium Enterprises (SMEs) and the Invisibles segments each received the sum of $55m.
Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 changed hands for N46.

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