Forex Intervention: CBN Injects $311.5m, Cny15m Into Retail SMIS - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
October 5, 2019
The Central Bank of Nigeria, CBN hasmade an intervention of three hundred and eleven point five million dollar inthe retail Secondary Market Intervention Sales, SMIS and fifteen millionChinese Yuan in the spot and short-tenored forwards segment of the inter-bankforeign market.
The CBN’s Director, CorporateCommunications Department, Isaac Okorafor who confirmed the latest injection ina statement in Lagos, said that the dollar interventions were for customers inthe agricultural, airlines, petroleum products and raw materials and machinerysectors.
He said the yuan component was forpayment of renminbi denominated letters of credit for agriculture as well asraw materials.
Okorafor further said that themarket continue to enjoy stability, owing to the regular interventions by theCBN, which according to him had also guaranteed a stable exchange rate for thenaira.
According to him, one-dollarexchange for three hundred and fifty seven naira at the Bureau de Change, BDCsegment of the foreign exchange market, while one Chinese Yuan exchange atforty seven naira.