Retail SMIS Get $297.92, CNY21.2

The Central Bank of Nigeria (CBN), has made interventions in the
retail Secondary Market Intervention Sales (SMIS), to the tune of $297.92m
in addition to CNY21.2million in the spot and short-tenured forwards
segment of the inter-bank foreign market.

This was disclosed in Abuja on Friday, August 23, 2019, by the Bank’s
Director in charge of Corporate Communications Department, Mr. Isaac
Okorafor. According to him, the United States dollars-denominated
transactions were to meet requests in the agricultural and raw materials
sectors, while those in Chinese Yuan were for Renminbi-denominated Letters
of Credit.

Okorafor reiterated that the Bank’s Management was satisfied with the
continued stability in the foreign exchange market and assured that the CBN
remain committed to meeting the foreign exchange needs of the all sectors
of the economy.

Meanwhile, the dollar on Friday, August 23, 2019 exchanged for N358 while
CNY1 exchanged at N46 at the Bureau de Change (BDC) segment of the
foreign exchange market.