Retail SMIS Get $337.16m, CNY 56.17m Injection

Browse By

Spread the love

In its first intervention in the inter-bank foreign market for the month, the Central Bank of Nigeria (CBN) on Friday, November 2, 2018, injected the sum of $337.16million in the retail Secondary Market Intervention Sales (SMIS) in addition to CNY 56.17million in the spot and short tenored forwards.

This was disclosed by the Banks Director, Corporate Communications, Isaac Okorafor, who revealed that the 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.

POST RECOMMEND FOR YOU   Enact Law Criminalising Hate Speeches, Violent Agitation - Arewa Groups Tell NASS

Mr. Okorafor said that the market had continued to enjoy stability owing to the regular interventions by the Bank, which he said had also guaranteed a stable exchange rate for the Naira. Continuing, 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.

The CBN had on Tuesday, October 30, 2018 intervened in the wholesale segment of the inter-bank Foreign Exchange Market to the tune of $210 million.

Meanwhile, $1 exchanged for N362 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.

POST RECOMMEND FOR YOU   Metu Reacts To Nigerian Looters List

Also Read

Why Companies Need to Be Prepared for Day Zero ... The reality of Day Zero is frightening and to get through it, Capetonians will have to pull together like never before. More importantly, if busine...
Borno Deputy Governor Dies In Yola The Deputy Governor Of Borno State, Alhaji Zanna Umar Mustapha passed away. Confirming his death, the State Government, through the Secretary to the ...
Money Laundering: I Acted On Ex-President Jonathan... Dr. Waripamo-Owei Dudafa, a former Special Assistant on Domestic Affairs to  former President Goodluck Jonathan, today, insisted that all financial ...
PDP Youths Accuse Justice Abang Of Receiving N2bn ... An Abuja Federal High Court Judge, Justice Okon E. Abang, has been accused by some youths in the northern Nigeria of receiving over N2 billion as brib...
Court Temporary Forfeits Deziani’s N325m Lek... A Federal High Court, Lagos, today, ordered the temporary forfeiture of a landed property belonging to the former Minister of Petroleum Resources,...

Leave a Reply

Your email address will not be published.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

Inline
Inline