Forex: Central bank injects $292.34 million, CNY 22.8 million into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday, February 21, 2020, 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.

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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.

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