FOREX: CBN intervenes with $321.11m, CNY33.3m

September 6, 2019
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The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million.

The CBN spokesperson, Isaac Okorafor, said the figures obtained at the end of business on Friday showed another CNY33.3 million was offered on the spot and short-tenured forwards segment of the inter-bank foreign exchange market.

Mr Okorafor said the intervention in dollars was for requests in the agricultural and raw materials sectors.

The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

The spokesperson said the FOREX market has remained stable on the back of the regular interventions by the apex bank.

Also, he said the demand management approach introduced by the Bank yielded positive results, with the stability in the market.

Mr Okorafor said the CBN management would remain committed to ensuring that all the sectors of the FOREX market continued to enjoy access to the needed foreign exchange.

Why CBN won’t rush into cutting monetary policy rates – Emefiele
On Tuesday, September 3, 2019, the CBN offered authorised dealers in the wholesale segment of the market about $100 million, while the Small and Medium Enterprises (SMEs) and the ‘invisibles’ segments each received about $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

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