Forex intervention: CBN injects $321.11m, CNY 33.3m into retail SMIS

The Central Bank of Nigeria (CBN) has made another intervention in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $321, 112,537.31. Figures obtained from the CBN on Friday, September 6, 2019, indicated that the sum of CNY33, 304,365.10 was also offered in the spot and short tenured forwards segment of the inter-bank foreign exchange market on Friday, August 30, 2019. The Director, Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure on Friday, adding that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Mr. Okorafor further reiterated that the market had remained stable because of the regular interventions by the Bank. He also noted that the demand management approach introduced by the Bank had yielded positive results, adding that the CBN management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange. It will be recalled that the Bank on Tuesday, September 3, 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 N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46.