FOREX: CBN intervenes with $321.11m, CNY33.3m

Dollar and Naira bills [Photo credit: NairaFX]
Dollar and Naira bills [Photo credit: NairaFX]

The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million.

The CBN spokesperson, Isaac Okorafor, said the figures obtained at the end of business on Friday showed another CNY33.3 million was offered on the spot and short-tenured forwards segment of the inter-bank foreign exchange market.

Mr Okorafor said the intervention in dollars was for requests in the agricultural and raw materials sectors.

The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.
The spokesperson said the FOREX market has remained stable on the back of the regular interventions by the apex bank.

Also, he said the demand management approach introduced by the Bank yielded positive results, with the stability in the market.

Mr Okorafor said the CBN management would remain committed to ensuring that all the sectors of the FOREX market continued to enjoy access to the needed foreign exchange.

On Tuesday, September 3, 2019, the CBN offered authorised dealers in the wholesale segment of the market about $100 million, while the Small and Medium Enterprises (SMEs) and the ‘invisibles’ segments each received about $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.