Central bank iinserts $318.03m into forex market

The Central Bank of Nigeria (CBN) on Friday said it injected about $318.03 million into the retail secondary market intervention sales (SMIS) of the inter-bank foreign market.

This is the latest funding of the market since its last sale prior to the final Monetary Policy Committee (MPC) meeting for 2018 in September.

Details of the fresh sale of foreign exchange according to a statement sent to newsmen by the CBN spokesperson, Isaac Okorafor showed about Chinese CNY62.18 million was offered in the spot and short-tenored forwards segment.

Mr Okorafor said the retail SMIS were for requests in machinery, agricultural and raw materials sub-sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit (LCs).

Again, he assured the CBN would continue to intervene in the foreign exchange market in order to guarantee exchange rate stability in line with its cardinal mandates as a financial sector regulatory authority.

On Tuesday, November 13, 2018, the CBN intervened in the inter-bank foreign exchange market to the tune of about $210 million.

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged for N54.

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