CBN injects $268.6m, CNY 29.2m into retail SMIS

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In its sustained efforts to achieve economic growth, the Central Bank of Nigeria (CBN) on Friday, made an intervention of $268.6million in the retail Secondary Market Intervention Sales (SMIS) and CNY 29.2million in the spot and short tenure forwards segment of the inter-bank foreign market.

The Director, Corporate Communications Department, Isaac Okorafor, who made the disclosure said that 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 further expressed satisfaction over the continued stability of the foreign exchange which, according to him, was largely due to sustained intervention by the Bank. 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.

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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