CBN Pumps $292.34m, CNY22.8m into SMIS, Spot Markets

Retail SMIS Market

By Adedapo Adesanya 

The Central Bank of Nigeria (CBN) on Friday injected the sum of $292.34 million into the retail Secondary Market Intervention Sales (SMIS) to keep the exchange rate of the local currency stable at the foreign exchange (forex) market segment.

The apex bank’s Director of Corporate Communications, Mr Isaac Okorafor, said in a statement yesterday in Abuja that the nation’s chief lender also intervened with the sum of CNY 22.8 million in the Spot and Short-tenored Forwards segment of the inter-bank foreign market.

He explained that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while on the other hand, the Chinese Yuan was for Renminbi-denominated Letters of Credit.

He further said that the management of the CBN was satisfied with the performance of naira in the foreign exchange market which has shown some level of stability.

He added that the development recorded with the policies would propel the bank to sustain its intervention in different sectors of the forex market.

It was also disclosed that the bank on Tuesday, offered authorised dealers in the wholesale segment of the market the sum of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles segments received the sum of $55 million each.

Business Post gathered that at the Investors and Exporters segment of the foreign exchange market, the Naira exchanged at N364.26 per dollar. N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while at the Interbank, the CBN rate stood at N307 per dollar.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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