The Central Bank of Nigeria (CBN) on Friday, May 31, 2019, again
intervened in the retail Secondary Market Intervention Sales (SMIS) to the tune of
$294.7million.
Figures obtained from the Bank on Friday indicated that the sum of CNY
31.43million was also offered in the spot and short-tenored forwards segment of
the inter-bank foreign exchange market.
The Director, Corporate Communications Department, Mr. Isaac Okorafor, made
the disclosure, adding that the United States’ dollar 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.
Okorafor further reiterated that the market remained stable because of the
regular interventions by the Bank. He also noted that the demand management
approach introduced by the Bank had yielded positive results, adding that the
CBN Management remained committed to ensuring that all the sectors of the
forex market continue to enjoy access to the needed foreign exchange.
Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of
the foreign exchange market, while CNY1 exchanged at N55.