Forex: CBN Injects $280.04m, CNY 28.3m Into Retail SMIS
The Central Bank of Nigeria (CBN), has injected a boost $280.04million into the Retail Secondary Market Intervention Sales (SMIS).
The latest interventions in the inter-bank foreign exchange market was announced on Friday, by the CBN Director, Corporate Communications Department, Isaac Okorafor, saying that the intervention was for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.
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Mr. Okorafor further said the bank injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.
He reiterated assurances that the Bank’s 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, August 6, 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 on Friday, August 9, 2019.
