CBN Injects $253.38m, CNY 16.7m Into Retail SMIS

Channels Television  
Updated January 10, 2020

Nigeria's Foreign Exchange Reserves Rise


The Central Bank of Nigeria (CBN) has made an intervention of $253.38million in the retail Secondary Market Intervention Sales (SMIS).

CBN Director of Corporate Communications Department, Isaac Okorafor, who revealed this on Friday noted that it was the first intervention of the apex bank for the year.

He said the bank also made an intervention of CNY 16.76million in the spot and short-tenured forwards segment of the inter-bank foreign market.

Okorafor explained that the intervention was for requests in the agricultural and raw materials sectors.

He added that the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

The CBN spokesperson pointed out the stability of the foreign exchange, especially during the yuletide and New Year celebrations.

According to him, this was largely due to sustained intervention by the nation’s financial regulator.

Okorafor gave the assurance that the CBN would remain committed to ensuring that all the sectors of the market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N359 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46.