Forex Intervention: CBN injects $292.34m, CNY 22.8m into Retail SMIS

The Central Bank of Nigeria (CBN), on Friday, continued its intervention in the inter-bank foreign exchange market by injecting the sum of $292.34million into the retail Secondary Market Intervention Sales (SMIS).

The Bank also intervened with the sum of CNY 22.8million in the spot and short tenored forwards segment of the inter-bank foreign market.

The Director of Corporate Communications Department, Isaac Okorafor disclosed this, noting that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.

He said the Bank’s Management continued to be satisfied with the performance of the Naira in the foreign exchange market, a situation he said will propel the Bank to sustain its intervention in the different sectors of the forex market.

It will be recalled that the Bank on Tuesday, February 11, 2020, 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 on Friday, February 21, 2020.