Central Bank of Nigeria injects $337.16 million in retail SMIS

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The Central Bank of Nigeria (CBN) has injected $337.16 million in the retail Secondary Market Intervention Sales (SMIS).

It is the first time the bank would be intervening in the interbank foreign market in November.

The amount, according to the bank’s Director of Corporate Communications, Isaac Okorafor, was in addition to 56.17 million Chinese Yuan (CNY) in the spot and short tenored forwards segment of the market.

In a statement he issued in Abuja on Friday, Okorafor said the money was to take care of requests in the agriculture and raw materials sectors.

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“The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.”

He said the regular interventions by the CBN had brought about stability in the market.

He said it had also guaranteed stable exchange rate for the Naira.

Okorafor stated that the CBN would continue to ensure that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

On Tuesday, CBN intervened in the wholesale segment of the inter-bank Foreign Exchange Market with the injection of $210 million.

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