Forex: CBN Injects $318.03m, CNY 62.18m Into Retail SMIS

Forex
830 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

Friday, November 16, 2018 / 06:15 PM / CBN

 

In its last sale before the final Monetary Policy Committee (MPC) meeting for 2018, the Central Bank of Nigeria (CBN) on Friday, November 16, 2018, injected the sum of $318.03million in the retail Secondary Market Intervention Sales (SMIS) of the inter-bank foreign market 

The CBN also on Friday offered CNY62.18million in the spot and short-tenored forwards segment. 

The Bank’s Director, Corporate Communications, Isaac Okorafor, while confirming the sales, reiterated that the retail SMIS were for requests in machineries, agricultural and raw materials sub-sectors, while the Chinese Yuan was for Renminbi denominated Letters of Credit. 

Again, he assured that the CBN would continue to intervene in the foreign exchange market in order to guarantee exchange rate stability. 

It will be recalled that the CBN had on Tuesday, November 13, 2018, intervened in the inter-bank foreign exchange market to the tune of $210 million. 

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.


 Proshare Nigeria Pvt. Ltd.


Related News

1.       Naira Under Increased Pressure In The Forex Market

2.      Pressure on Reserves, Stability of FX Policy

3.      CBN Injects Another $210m into Forex Market

4.      Gross Official Reserves Decline By US$2.31bn in October 2018 to US$42bn

5.      Retail SMIS Get $337.16m, CNY 56.17m Injection

6.      Forex: Inter-bank Market Gets Another $210m Boost

7.      CBN Injects $337m, CNY53m Into Inter-Bank Forex Market

8.     Gross Official Reserves Declines by US$1.53bn in September 2018 to US$44.31bn

9. Forex: Wholesale Segment, Others Get $210m Boost

READ MORE:
Related News
SCROLL TO TOP