CBN Intervenes in Retail Forex Market

CBN Intervenes in Retail Forex Market, CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor has revealed. He made the revelation that Central Bank of Nigeria (CBN), has intervened in the Retail Secondary Market Intervention Sales (SMIS), to the tune of $341.75 million in addition to ¥14.7 million in the spot and short-tenured forwards segment of the inter-bank foreign market. Also adding, he stated that the United States’ dollar intervention was for requests in the agricultural and raw materials sectors and the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

CBN Intervenes in Retail Forex Market

Mr. Okorafor further recapped that the market continued to enjoy steadiness because of the regular interventions by the bank.

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He also noted that the demand management approach introduced by the bank had generated positive results, adding that the CBN management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

CBN Intervenes in Retail Forex Market

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It will be recollected that the bank on Tuesday, November 12, 2019, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisible segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while ¥1 exchanged at N48.

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