Monday, February 24, 2020
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CBN injects $253.38m, CNY 16.7m into Retail SMIS

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) in its first intervention in the 2020 financial year, injected $253.38 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 16.76million in the spot and short tenured forwards segment of the inter-bank foreign market.

The Director, Corporate Communications Department, Isaac Okorafor, said that the intervention was for requests in the agricultural and raw materials sectors. He said the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange especially during the yuletide and New Year celebrations 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 market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N359 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46.

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