Inter-bank Market: CBN Injects $341.75m, CNY14.7m As Interventions

The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) with $341.75 million and CNY14.7mn for the inter-bank foreign market.

CBN Director, Corporate Communications Department, Mr. Isaac Okorafor disclosed this last Friday adding that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan was for Renminbi denominated Letters of Credit.

He further reiterated that the market continued to enjoy stability because of the regular interventions by the bank.

Mr. Okorafor noted that the demand management approach introduced by the bank had yielded positive results, adding that the CBN management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

CBN on November 12, 2019, offered authorized dealers in the wholesale segment of the market the sum of $100m, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55m. Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.