Economy

CBN Injects $337.16m Into Retail SMIS, CNY 56.17m For LCs

In its first intervention in the inter-bank foreign market for the month, the Central Bank of Nigeria (CBN) on Friday, November 2, 2018, injected a total of $337.16m into the retail Secondary Market Intervention Sales (SMIS), in addition to CNY 56.17m in the spot and short tenored forwards segment.
According to the CBN’s Director, Corporate Communications, Isaac Okorafor, the intervention was to meet requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.
Okorafor said the market continue to enjoy stability, due to the regular interventions, which he said have guaranteed a stable exchange rate for the Naira.
Continuing, he assured that the apex bank’s management remains committed to ensuring that all sectors of the forex market continue to enjoy access to the needed foreign exchange.
The CBN had on Tuesday, October 30, 2018 intervened in the wholesale segment of the inter-bank Foreign Exchange Market to the tune of $210m.
Meanwhile, $1 exchanged for N362 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.

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