CBN releases $218m, ¥18m into Forex market

Feb 09, 2020

In furtherance of its intervention in the inter-bank Foreign Exchange market, the Central Bank of Nigeria (CBN) on Friday said it had injected $218.41 million into the retail Secondary Market Intervention Sales (SMIS).

Isaac Okoroafor, the apex bank’s Director of Corporate Communications, who made the disclosure in a statement in Abuja, added that the sum of ¥18 million was also released into the spot and short-tenured forward segment of the inter-bank Forex market.

Interventions of this nature are often pursued by the CBN to ensure adequate liquidity and stability in the market.

He stated that the CBN dollar-denominated intervention was targeted at meeting the requests in the agricultural and raw material sectors while the Chinese Yuan was for the payment of Renminbi-denominated Letters of Credit.

Okoroafor mentioned that he was pleased with the stability of the Forex market, made possible by the CBN’s consistent interventionist policies.

He reiterated the bank management’s commitment to providing all the sectors of the Forex market with access needed to foreign exchange.

Mr Okoroafor noted that this would make stability in the Forex market attractive to investors.

The CBN on Tuesday had offered $100 million to authorised dealers in the wholesale segment of the market and $55 million to the Small and Medium Enterprises (SMEs) and the Invisibles segments.

According to the News Agency of Nigeria (NAN), N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market N46 was exchanged for a Chinese Yuan on Friday.

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