CBN injects $311.5m, CNY15m into Retail SMIS

FBN Conundrum, an Abuse of Privilege?

The Central Bank of Nigeria (CBN) has made an intervention of $311.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15million in the spot and short-tenored forwards segment of the inter-bank foreign market.

CBN Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the latest injection weekend, disclosing that “the dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials”.

Mr. Okorafor further said that the market continued to enjoy stability, owing to the regular interventions by the Bank, which, he said, has also guaranteed a stable exchange rate for the Naira.

He assured 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.

Meanwhile, $1 exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N47.

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