Retail SMIS Forex Intervention: CBN Injects $341.75m, CNY14.7m


Saturday, November 16, 2019   /07:40AM  / By CBN / Header Image Credit: Electro FX


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


CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure, on Friday, November 15, 2019, adding that the United States' dollar intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.


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


He also 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 the Bank on Tuesday, November 12, 2019, 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.


Proshare Nigeria Pvt. Ltd.

Related News

1.      A Further Fall In Official Reserves

2.     Forex Intervention: CBN Injects $325.56m, CNY14m into Retail SMIS

3.     Forex Intervention: CBN Injects $311.5m, CNY15m into Retail SMIS

4.     Leveraging Nigeria's Growing Remittances

5.     How Imminent Is A Naira Devaluation?

6.     FX Food Restrictions: CBI Calls on CBN To Explore Broad Stakeholder Engagement

7.     FX Restriction On Food Import May Raise Inflation Rate In Q4 2019

8.     FX Unification in Nigeria: Simple Thoughts, Tougher Mission

9.     Forex Intervention: CBN Injects $314.74m, CNY 23.5m into Retail SMIS

10.  Nigeria Mulls Extending The FX Futures Curve

11.   CBN Injects $210m Into Forex Market

12.  Forex Intervention: CBN Injects $321.11m, CNY 33.3m into Retail SMIS

13.  FX Restrictions on Food Imports: Experts, Economists Share Their Perspective


Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd.


Related News