Forex Intervention: CBN injects 242.04m, CNY 32.3m into Retail SMIS

In continuation of its intervention in the inter-bank foreign exchange market,
the Central Bank of Nigeria (CBN) on Friday, June 28, 2019, injected the sum of
$242.04million into the retail Secondary Market Intervention Sales (SMIS) and CNY
32.3million in the spot and short tenored forwards segment of the inter-bank foreign
market.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed
that the intervention was for requests in the agricultural and raw materials sectors,
adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated
Letters of Credit.

Mr. Okorafor further expressed satisfaction over the 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.

He reiterated that with improved inflow of foreign exchange, the exchange rate had
remained stable around N360/$1 for the past 27 months.
It will be recalled that the Bank on Tuesday, June 25, 2019, offered authorized dealers
in the wholesale segment of the market the sum of $100million, while the Small and
Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55
million. Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the
foreign exchange market, while CNY1 exchanged at N55 on Friday, June 28, 2019.