Retail SMIS Gets $292.34m, CNY 22.8m CBN Forex Intervention

Retail SMIS Gets $292.34m, CNY 22.8m CBN Forex Intervention

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Post Views: 132 As part of its continued intervention in the nation’s foreign exchange market aimed at keeping the Naira stable, the Central Bank of N...

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As part of its continued intervention in the nation’s foreign exchange market aimed at keeping the Naira stable, the Central Bank of Nigeria (CBN) on Friday, February 21, 2020, injected the sum of $292.34m as part of retail Secondary Market Intervention Sales (SMIS) of the inter-bank foreign exchange market.
The bank said in a statement that it also intervened with the sum of CNY 22.8m in the spot and short tenored forwards segment of the inter-bank foreign market.
The Director of Corporate Communications Department, Isaac Okorafor disclosed this, noting that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.
He said the CBN’s management continued to be satisfied with the performance of the Naira in the foreign exchange market, a situation he said will propel the Bank to sustain its intervention in the different sectors of the forex market.
It will be recalled that the Bank on Tuesday, February 11, 2020, offered authorized dealers in the wholesale segment of the market the sum 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 exchanged at N46 on Friday, February 21, 2020.

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