FX: CBN injects $292.34m into retail SMIS

Nigeria forex market

The Central Bank of Nigeria (CBN) has injected the sum of $292.34 million into the retail Secondary Market Intervention Sales (SMIS).

The apex bank’s Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement on Friday.

Okorafor said that the Bank also intervened with the sum of CNY 22.8 million in the spot and short tenured forwards segment of the inter-bank foreign market.

He explained 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 that CBN’s management was satisfied with the performance of naira in the foreign exchange market.

He added that the development would propel the Bank to sustain its intervention in different sectors of the forex market.

Recalled that the Bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles segments received the sum of $55 million each.

The sum of N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday. (NAN)

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