Forex Intervention: Central Bank injects more funds into retail market

The Central Bank of Nigeria (CBN) made an intervention of $311.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15million in the spot and short-tenored forwards segment of the inter-bank foreign market.

The intervention was made on Friday October 4, 2019 with the Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirming the latest injection.

“The dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials.”

Mr. Okorafor further said that the market continued to enjoy stability, owing to the regular interventions by the Bank, which he said has also guaranteed a stable exchange rate for the Naira.

He gave assurance that the Bank’s Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N357 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N47.

myfinancialintelligence.com