CBN Injects $311.5m, CNY15m Into Retail SMIS

The Central Bank of Nigeria (CBN), on Friday, October 4, 2019, once more intervened to the tune of $311.5m in the Retail Secondary Market Intervention Sales (SMIS).
There was also CNY15m in the spot and short-tenored forwards segment of the inter-bank foreign market.
A statement by the apex bank quoted its Director, Corporate Communications Department, Isaac Okorafor, as confirming the latest injection, noting that “the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the yuan component was for payment of renminbi-denominated letters of credit for agriculture as well as raw materials”.
Okorafor further assured that the market continued to enjoy stability, owing to the regular interventions by the Bank, which he said has also guaranteed a stable exchange rate for the Naira. He assured that the Bank’s Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
Meanwhile, $1 exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N47.