Adedapo Adesanya
By Adedapo Adesanya
Nigeria’s apex bank, the Central Bank of Nigeria (CBN), on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million.
This was disclosed by the bank’s spokesperson, Mr Isaac Okorafor. According to him, another CNY33.3 million was offered on the spot and short-tenured forwards segment of the inter-bank foreign exchange market.
He said the intervention in dollars was for requests in the agricultural and raw materials sectors while the Chinese Yuan was for Renminbi denominated Letters of Credit.
The spokesperson said the FOREX market has remained stable on the back of the regular interventions by the apex bank. He also revealed that the demand management approach introduced by the bank yielded positive results, with the stability in the market.
Mr Okorafor said the CBN management would remain committed to ensuring that all the sectors of the FOREX market continued to enjoy access to the needed foreign exchange.
On Tuesday, September 3, 2019, the CBN offered authorized dealers in the wholesale segment of the market about $100 million, while the Small and Medium Enterprises (SMEs) and the ‘invisibles’ segments each received about $55 million.
Business Post gathered that due to obvious influences, the Naira/US Dollar on the parallel market remained stable still at N360/$1, while CNY1 exchanged at N46 on Friday.
