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CBN INJECTS $323.5M, CNY 17.9M INTO RETAIL SMIS

The Central Bank of Nigeria (CBN) weekend intervened in the retail Secondary Market Intervention Sales (SMIS) with $323.5million and CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.

The latest intervention is the bank’s last for the month of November, 2019.

Director in charge of Corporate Communications Department, Mr. Isaac Okorafor who made this disclosure, said that the intervention was for requests in the agricultural and raw materials sectors.

He also said the Chinese Yuan was for Renminbi denominated Letters of Credit.

Mr. Okorafor expressed satisfaction over the stability of the foreign exchange, which, he said, was largely due to sustained intervention by the bank.

He assured that the bank management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange especially during the forthcoming yuletide season.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.on Friday, November 29, 2019.

Written by ExpressDay

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