Business

CBN injects $341.75m, CNY14.7m into retail SMIS

Forex non-repatriation: CBN directs banks to submit names, BVN of defaulting exporters

The Central Bank of Nigeria (CBN), has intervened in the Retail Secondary Market Intervention Sales (SMIS), to the tune of $341.75 million as well as CNY14.7 million in the spot and short-tenored forwards segment of the inter-bank foreign market.

CBN Director, Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure, weekend, in a statement in which he added that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors.

According to Okorafor, the Chinese Yuan, was for Renminbi denominated Letters of Credit.

Okorafor further reiterated that the market continued to enjoy stability because of the regular interventions by the Bank.  

He 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.

It will be recalled that in the last intervention, the bank 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 N48.

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