CBN in­jects $263m, CNY 39m into re­tail SMIS

MONEY MAR­KET >>

Daily Trust - - MONDAYBUSINESS - By Chris Agabi

The Cen­tral Bank of Nige­ria (CBN) has in­jected the sum of $263m into the Re­tail Sec­ondary Mar­ket In­ter­ven­tion Sales (SMIS), be­ing its first in­ter­ven­tion in that sec­tor this year.

This was in ad­di­tion to the sum CNY 39 mil­lion con­sum­mated through a com­bi­na­tion of spot and short­tenored for­wards, aris­ing from bids re­ceived from au­tho­rized deal­ers.

The CBN in a state­ment re­vealed that the US dol­lar­de­nom­i­nated 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.

Mr. Isaac Oko­rafor, Di­rec­tor, Cor­po­rate Com­mu­ni­ca­tions at the CBN, said the move was in fur­ther­ance of the 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, Mr. 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 de­mands in the mar­ket while also striv­ing to achieve ex­change rate sta­bil­ity in the mar­ket.

Oko­rafor also dis­closed that the apex bank gover­nor, God­win Eme­fiele, will fur­ther un­fold the bank’s plans for the year dur­ing the first Mon­e­tary Pol­icy Com­mit­tee (MPC) meet­ing for the year sched­uled for Jan­uary 21 to 22, 2019.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.