Forex: CBN gives $271.83m intervention  .CNY41.14m for SMIS

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Forex: CBN gives $271.83m intervention

 .CNY41.14m for SMIS

By Udeme Clement & Joel ThankGod

The Central Bank of Nigeria, CBN, has given $271.83 million and CNY41.14 million as intervention funds to the Retail Secondary Market Intervention Sales, SMIS, of the Foreign Exchange market.

This is coming only few weeks after the apex bank injected about $254.8million and CNY34.8million into  SMIS segment of the market, just last month.

The Director of Corporate Communications, CBN, Mr. Isaac Okorafor, explained that the CNY41.14million intervention is for payment of ‘Renminbi-denominated Letters of Credit’ for agriculture and raw materials.

According to him, “The CBN has placed restrictions on purchase of forex for items in textile and cotton value chain of the economy.

“Therefore, the economy will experience improved growth and stability going forward”.

Accordingly, the latest intervention is also in addition to $205 million injected into the wholesale, Small and Medium Enterprises, SMEs, segments of the market just recently.

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