CBN intervenes with $268.60m, CNY39.09m in forex market

The Central Bank of Nigeria (CBN), on Friday, March 22, 2019 made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market totaling $268.60million and CNY39.09 million.

Figures of the sales consummated on Friday, revealed that the sums were injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor also confirmed that the sum of CNY39.09million was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.

Friday’s transaction was in addition to the $210 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, March 19, 2019.

Okorafor expressed satisfaction on the performance and stability of the economy especially after the country’s 2019 general elections.

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He attributed the level of stability to the Bank’s transparency in foreign exchange transactions and interventions aimed at the diversification of the economy.

The Naira exchanged on Friday at N360/$1 on Friday, March 22, 2019 in the Bureau De Change (BDC) segment of the market.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.