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CBN Boosts Forex Market’s Retail SMIS With $303.91M, CNY 46.58Mn

 

The Central Bank of Nigeria (CBN) on Friday supplied the sum $303.91 million into the nation’s interbank retail Secondary Market Intervention Sales of the foreign exchange (Forex) market

This is in addition to the sale of CNY 46.58 million in the spot and short-tenored forwards.

Statistical data on the interventions provided by the CBN showed that the US dollar-denominated interventions were only for concerns in the agricultural and raw materials sectors.

The bank’s Director, Corporate Communications, Isaac Okorafor, said that the interventions which aligns with the apex bank’s guidelines, were for the payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials.

He stated that the sales in the Chinese Yuan were through a combination of spot and short-tenored forwards, arising from bids received from authorized dealers.

Noting that availability of Renminbi was sure to ease pressure on the Nigerian foreign exchange market, Okorafor attributed the relative stability in the foreign exchange market to the intervention of the bank and the sustained increase in crude oil prices in the international market.

Okorafor assured that the bank would remain committed to ensuring that all the sectors continue to enjoy access to the needed foreign exchange by Nigerians.

It would be recalled that the apex bank onTuesday intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile,  at the end of trading at the Bureau de Change (BDC) segment of the forex market, $1 exchanged for N361 while CNY 1 exchanged for N53.35.

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