Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele will at this year’s first meeting of the Monetary Policy Committee (MPC) set agenda for the economy between January 21 and 22.
Isaac Okorafor, Director, Corporate Communications at the CBN, hinted this in a statement on Friday, January 11, 2019, announcing the injection of $263m into the Retail Secondary Market Intervention Sales (SMIS), its first in that sector this year.
This was in addition to the CNY 39m consummated through a combination of spot and short-tenored forwards, arising from bids received from authorized dealers.
Details of the intervention obtained from the CBN revealed that the US dollar-denominated interventions were for requests in the agricultural and raw materials sectors, while the Yuan sale was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.
The fresh injection, Okorafor said, was in furtherance of the avowed commitment of the governor to ensuring foreign exchange liquidity in the system as well as boosting trade and production.
With the rates closing at N359/$1 on Friday, Okorafor, expressed confidence that the CBN, in the weeks ahead, will sustain its intervention through the sale of foreign exchange to all segments of the market to meet all legitimate foreign exchange demand in the market while also striving to achieve exchange rate stability in the market.