In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, September 20, 2019, injected the sum of $314.74million into the retail Secondary Market Intervention Sales (SMIS) and CNY 23.5million 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, as in previous sales 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 segment of the economy, which according to him, was largely due to sustained intervention by the Central Bank of Nigeria. He assured that the Bank Management would remain committed to ensuring that all 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 band for the past 30 months. 

It will be recalled that the Bank on Tuesday, September 17, 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 N358 at the retail segment of the foreign exchange market, while CNY1 exchanged at N47 as at Friday, September 20, 2019.


5 Comments

oprol evorter · September 28, 2019 at 10:58 am

I dugg some of you post as I cogitated they were very useful very useful

keresőoptimalizálás · October 18, 2019 at 7:59 pm

It’s actually a cool and useful piece of information. I’m happy that you just shared this helpful info with us. Please keep us informed like this. Thank you for sharing.

Unique Market Research Report · October 19, 2019 at 1:42 am

Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Basically Fantastic. I am also an expert in this topic therefore I can understand your effort.

https://indianapolisdogbitelawyer.com · October 21, 2019 at 5:56 am

Really excellent information can be found on website.

HAVANT · October 22, 2019 at 6:44 am

I have recently started a site, the info you offer on this web site has helped me greatly. Thanks for all of your time & work.

Leave a Reply

Your email address will not be published. Required fields are marked *