Home Business CBN Injects $280.04m, CNY 28.3m Into Retail SMIS

CBN Injects $280.04m, CNY 28.3m Into Retail SMIS

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…as Foreign Reserves Drop to $44.69bn

The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

The latest interventions in the inter-bank foreign exchange market, which were announced on Friday, by its Director, Corporate Communications Department, Isaac Okorafor, were for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the Bank. He reiterated assurances that the Bank’s management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

It will be recalled that the Bank on Tuesday, 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.

However, the foreign exchange reserves declined by $15.43 million this Week-Till-Date WTD to $44.69 billion.

Nonetheless, the naira weakened by 0.20per cent week-on-week (w/w) to N363.31/Dollar at the Investors & Exporters Foreign Exchange (I&E FX) window – the weakest level since  January 30, 2019.

Also, the naira appreciated by 0.28per cent w/w to N360.00/Dollar at the parallel market.

Elsewhere, total turnover at the I&E FX window increased by 26,9per cent WTD to $930.22 million with trades executed within the N365.00-357.50/Dollar band.

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