CBN injects $253.38m, CNY 16.7m into FX market

In its first intervention for the year, the Central Bank of Nigeria (CBN) on Friday, January 10, 2020, made an intervention of $253.38million in the retail Secondary Market Intervention Sales (SMIS) and CNY 16.76million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was revealed by the Director, Corporate Communications Department, Isaac Okorafor, who disclosed that the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange especially during the yuletide and New Year celebrations which according to him, was largely due to sustained intervention by the Bank.

He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the market continue to enjoy access to the needed foreign exchange.

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Meanwhile, $1 exchanged for N359 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46.

HOPE MOSES-ASHIKE

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.