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

BY CHINYERE OBIOMA, LAGOS – The Central Bank of Nigeria (CBN) flagged off its first intervention in the foreign exchange market for year 2020 with an injection of $253.38 million into the retail Secondary Market Intervention Sales (SMIS).

Similarly, the apex bank also rolled out CNY 16.76million for the spot and short tenored forwards segment of the inter-bank foreign market.

According to CBN’s Director, Corporate Communications Department, Isaac Okorafor, the intervention was for requests in the agricultural and raw materials sectors.

He however explained that the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed satisfaction over the foreign exchange stability, especially during the yuletide and New Year celebrations which he noted was largely due to sustained intervention by the Bank.

The spokesman assured that the apex Bank management would remain committed and resolute in ensuring that all 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.