CBN Injects $242.04m, CNY 32.3m Into Retail SMIS

Forex
593 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Instagram Proshare - Linked In Proshare - WhatsApp
Proshare

Friday, June 28, 2019 / 06:40 PM / CBN / Header Image Credit: Guru Trade

 

In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, June 28, 2019, injected the sum of $242.04million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3million in the spot and short tenored forwards segment of the inter-bank foreign market. 

The Bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit. 

Mr. Okorafor further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the Bank. He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange. 

He reiterated that with improved inflow of foreign exchange, the exchange rate had remained stable around N360/$1 for the past 27 months. 

It will be recalled that the Bank on Tuesday, June 25, 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 N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55 on Friday, June 28, 2019. 

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       Forex: CBN Boosts Market With $210m

2.      CBN Again Injects $210m Into Forex Market

3.      CBN’s Exchange Rate Policy: Possibility of Unification?

4.      Continuity Of FX Policy, Hot Air Notwithstanding

5.      Nigeria Central Bank Quashes Talk of Exchange-Rate Policy Change

6.      CBN Injects $210m Into Forex Market

7.      Currency Volatility and Stock Markets: A Lesson in the Domino Effect

8.     Travelling Abroad? PTA and BTA in USD, EUR and GBP Now Available In All Zenith Bank Branches

9.      Gross Official Reserves Increased By US$330m in May 2019 to US$45.12bn

10.  CBN Injects $294.7m, CNY 31.43m into Retail SMIS


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP