Agriculture, raw material sectors get forex boost as CBN injects $337.16m, CNY 56.17m into retail SMIS
IN ITS FIRST INTERVENTION IN the inter-bank foreign market for the month, the Central Bank of Nigeria (CBN) on Friday, November 2, 2018, injected the sum of $337.16 million in the retail secondary market intervention sales (SMIS) in addition to CNY 56.17 million in the spot and short tenored forwards segment of to the tune of and.
Isaac Okorafor, director, corporate communications at the CBN disclosed this last Friday, saying the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.
Okorafor said the market had continued to enjoy stability owing to the regular interventions by the bank, which he said had also guaranteed a stable exchange rate for the Naira. Continuing, he assured that the apex bank management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
The CBN had on Tuesday, October 30, 2018 intervened in the wholesale segment of the inter-bank foreign exchange market to the tune of $210 million.
Meanwhile, $1 exchanged for N362 at the bureau de change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.