Forex: CBN Injects $318.03m, CNY 62.18m Into Retail SMIS

Ahead of next Monday’s final Monetary Policy Committee (MPC) meeting for the year, the Central Bank of Nigeria (CBN), on Friday, November 16, 2018, announced a $318.03m injection as part of the retail Secondary Market Intervention Sales (SMIS) at the inter-bank foreign exchange market.
This, it said, was in addition to CNY62.18m offered in the spot and short-tenored forwards segment.
In a statement, the CBN’s Director of Corporate Communications, Isaac Okorafor, while confirming the sales, stressed that retail SMIS were for requests in machineries, agricultural and raw materials sub-sectors, while the Chinese Yuan was for Renminbi denominated Letters of Credit.
Again, he assured that the CBN would continue to intervene in the foreign exchange market in order to guarantee exchange rate stability.
It will be recalled that the CBN had on Tuesday, November 13, 2018, intervened in the inter-bank foreign exchange market to the tune of $210 million.
Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.