Forex Intervention: CBN Injects $242.04 Million, CNY 32.3 Million Into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday, June 28, 2019, injected the sum of $242.04 million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3 million in the spot and short tenored forwards segment of the inter-bank foreign market.

This is in continuation of its intervention in the inter-bank foreign exchange market.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

Mr. Okorafor further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the Bank. He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

He reiterated that with improved inflow of foreign exchange, the exchange rate had remained stable around N360/$1 for the past 27 months.

It will be recalled that the Bank 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.