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Forex Intervention: CBN injects $323.5m, CNY 17.9m into Retail SMIS

In its last intervention for the month of November, the Central Bank of Nigeria (CBN) on Friday, November 29, 2019, made an intervention of $323.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.
The CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor said 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.
Mr. Okorafor further expressed satisfaction over the stability of the foreign exchange, which according to him, was largely due to sustained intervention by the Bank. He assured that the Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange especially during the forthcoming yuletide season.
Meanwhile, $1 on Friday, November 29, 2019 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.
http://newstide247.com
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