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

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

The apex bank also offered CNY62.18 million in the spot and short-tenored forwards segment.

The Bank’s Director of Corporate Communications, Isaac Okorafor, who confirmed 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.

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, 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.