CBN Releases $317.52 Million, CNY 58.40 Million Into Retail SMIS

 

Yemisi Izuora 

The Central Bank of Nigeria (CBN) has continued its intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $317.52million in that segment of the market in addition to CNY58.40 million in the spot and short-tenored forwards segment.

The figures obtained from the apex Bank on Friday, September 21, 2018, revealed that the US dollar-denominated interventions were only for actors in the agricultural and raw materials sectors while the Yuan was for Renminbi denominated Letters of Credit.

Confirming the figures, the CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor said the Bilateral Currency Swap Agreement (BCSA) with the Peoples’ Bank of China had continued to receive encouraging responses from customers.

While noting that Friday’s sale was the fifth in the series of interventions, he said the BCSA was achieving its major objectives of reducing the use and influence of a third currency transactions; reducing the pressure on the naira exchange rate; easing trade transactions between Nigeria and China and maintaining financial market stability in Nigeria.

Mr. Okorafor further assured that the CBN would remain committed to ensuring that all the sectors of the foreign exchange market continue to enjoy access to the needed foreign exchange by Nigerians.

It will be recalled that the Bank on Tuesday, September 18, 2018 intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchanged for N53.

 

Ronaldo extends goal run at Juventus

Cristiano Ronaldo struck in the final 10 minutes to put Champions League heartache behind him and set up Juventus’ hard-earned 2-0 victory over Frosinone on Sunday.

Sent off against Valencia in midweek, the Portugal superstar gained a measure of redemption by sweeping home from close-range before substitute Federico Bernardeschi netted in stoppage time to maintain the champions’ perfect start in Serie A.

It had looked as though Ronaldo would endure a no less frustrating affair than on his return to Spain, as he failed to convert a succession of chances against the promoted hosts.

But a heavy deflection from Miralem Pjanic’s initial attempt dropped kindly for the 33-year-old to exorcise his demons and Bernardeschi was on hand to crown a well-constructed counter attack.

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