CBN Injects $323.5m, CNY 17.9m into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday, November 29, 2019, made its last intervention for the month, comprising $323.5m in the retail Secondary Market Intervention Sales (SMIS) and CNY17.9m in the spot and short-tenored forwards segment of the inter-bank foreign exchange market.
The CBN, in a statement, quoted Isaac Okorafor, its Director in charge of Corporate Communications Department, said the intervention 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 expressed satisfaction over the stability of the foreign exchange, which he noted, was largely due to sustained intervention by the apex bank.
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 especially during the forthcoming yuletide season.
Meanwhile, $1 on Friday, November 29, 2019 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.