Economy

Nigeria’s Retail SMIS Gets $294.7m, CNY 31.43m

The Central Bank of Nigeria (CBN) said it again intervened in the retail Secondary Market Intervention Sales (SMIS) to the tune of $294.7m on Friday, May 31, 2019.
Also, the sum of CNY 31.43m was also offered in the spot and short-tenored forwards segment of the inter-bank foreign exchange market.
CBN’s Director of Corporate Communications, Isaac Okorafor, who disclosed this noted that the US$ component was to meet requests in the agricultural and raw materials sectors.
The Chinese Yuan, on the other hand, represented Renminbi-denominated Letters of Credit.
Okorafor further reiterated that the CBN’s regular interventions helped the market remain stable because of the interventions, adding that the demand management approach introduced by the bank had yielded positive results.
The CBN management, he stressed, remained committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.

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