Economy

Nigeria’s Retail Forex Market Gets $242.04m, CNY32.3m CBN Boost

As part of its sustained intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, June 28, 2019, said it injected a total of $242.04m into the retail Secondary Market Intervention Sales (SMIS) and another CNY32.3m in the spot and short tenored forwards segment of the inter-bank foreign exchange market.
A statement by the bank quoted Isaac Okorafor, its Director, Corporate Communications Department, as confirming that the intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.
Okorafor further expressed satisfaction with the stability of the foreign exchange which according to him, was largely due to the sustained intervention, assuring that the apex bank’s management remains committed to ensuring that all segments of the forex market continue to enjoy access to the needed foreign exchange.
With the improved inflow of foreign exchange, he continued, the exchange rate has remained stable around N360/$1 for the past 27 months.
Recall that the CBN, on Tuesday, June 25, 2019, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the Invisibles segments each received the sum of $55 million.
Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55 on Friday, June 28, 2019.

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