Published On: Mon, Jan 13th, 2020

Forex Intervention: CBN injects $253.38m, CNY 16.7m into Retail SMIS

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By Etuka Sunday

In its first intervention for the year, the Central Bank of Nigeria (CBN) on Friday, January 10, 2020, made an intervention of $253.38million in the retail Secondary Market Intervention Sales (SMIS) and CNY 16.76million in the spot and short tenored forwards segment of the inter-bank foreign market.
This was revealed by the Director, Corporate Communications Department, Isaac Okorafor, who disclosed that the 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 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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