Eme­fiele to un­veil CBN’S year plans at MPC

…in­jects $263m, CNY39M into re­tail SMIS

Business Day (Nigeria) - - NEWS - HOPE MOSES-ASHIKE

Gover­nor, Cen­tral Bank of Nige­ria (CBN), God­win Eme­fiele, will on Jan­uary 21 - 22, un­veil the bank’s plans for the year dur­ing the first Mon­e­tary Pol­icy Com­mit­tee (MPC) meet­ing in Abuja.

This is com­ing as the CBN week­end in­jected $263 mil­lion into the Re­tail Se­condary Mar­ket In­ter­ven­tion Sales (SMIS), be­ing its first in­ter­ven­tion in that sec­tor this year. This was in ad­di­tion to the CNY39 mil­lion con­sum­mated through a com­bi­na­tion of spot and short-tenored for­wards, aris­ing from bids re­ceived from au­tho­rised deal­ers.

Naira on Fri­day ap­pre­ci­ated against the US dol­lar, gain- ing N0.18k to close at N364.94k per dol­lar com­pared with N365.12k/$ traded the pre­vi­ous day at the in­vestors and ex­porters forex win­dow, data from FMDQ show.

At the Cen­tral Bank of­fi­cial forex win­dow, the lo­cal cur­rency traded stable, clos­ing at the rate of N306.90k to the dol­lar. How­ever, naira lost N1.00k at the par­al­lel mar­ket, as it closed at N363 per dol­lar af­ter trad­ing on Fri­day, as against N362 the pre­vi­ous day.

The fig­ures ob­tained from the CBN re­vealed that the US dol­lar-de­nom­i­nated in­ter­ven­tions were for re­quests in the agri­cul­tural and raw ma­te­ri­als sec­tors while the Yuan sale was for pay­ment of Ren­min­bide­nom­i­nated Let­ters of Credit for agri­cul­ture as well as raw ma­te­ri­als.

Isaac Oko­rafor, di­rec­tor, cor­po­rate com­mu­ni­ca­tions at the CBN, said the move was in fur­ther­ance of the CBN gover­nor’s avowed com­mit­ment to en­sur­ing for­eign ex­change liq­uid­ity in the sys­tem as well as boost­ing trade and pro­duc­tion.

With the rates clos­ing at N359/$1 on Fri­day, Jan­uary 11, 2019, Oko­rafor, ex­pressed con­fi­dence that the CBN, in the weeks ahead, will sus­tain its in­ter­ven­tion through the sale of for­eign ex­change to all seg­ments of the mar­ket to meet all le­git­i­mate for­eign ex­change de­mand in the mar­ket while also striv­ing to achieve ex­change rate sta­bil­ity in the mar­ket.

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