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Nigeria: Central bank injects over $321.112m into foreign exchange market

The Central Bank of Nigeria (CBN) has made another intervention
in the Retail Secondary Market Intervention Sales (SMIS) to the tune of
$321. 112 million.According to the figures released by the CBN on Friday, the sum of Chinese Yuan CNY33, 304,365.10 was 

also offered in the spot and short tenured forwards segment of the inter-bank foreign exchange market on Friday.

The Director, Corporate Communications Department, Mr. Isaac Okorafor, who made the disclosure 

on Friday, explained that the United States’ dollar 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 reiterated that the market had remained stable because

of the regular interventions by the Bank.

He also noted that the demand management approach introduced by the

Bank had yielded positive results, adding that the CBN management would

remain committed to ensuring that all the sectors of the forex market

continue to enjoy access to the needed foreign exchange.

It will be recalled that the Bank on Tuesday, Sept. 3, 2019, offered

authorized dealers in the wholesale segment of the market the sum of

$100 million, while the Small and Medium Enterprises, SMEs, and the

invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC). segment of the 

foreign exchange market, while CNY1 exchanged at N46.

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