CBN Pumps $280.04m, CNY 28.3m into Retail SMIS

By Dipo Olowookere

The sum of $280.04 million and CNY 28.3million were on Friday injected into the Retail Secondary Market Intervention Sales (SMIS) by the Central Bank of Nigeria (CBN).

The interventions in the inter-bank foreign exchange market by the CBN were done to meet demands of customers in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.

Director of Corporate Communications Department at the apex bank, Mr Isaac Okorafor, stated in a statement on Friday reiterated assurances 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.

However, he further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the CBN.

Business Post recalls that the apex bank on Tuesday, August 6, 2019, made a similar intervention in the Secondary Market Intervention Sales (SMIS).

In the injection, the central bank offered to authorised dealers in the wholesale segment of the market the sum of $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, the Naira was traded against the Dollar at N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday, August 9, 2019.