Northern Nigerian Breaking News

CBN Begins Sale Of Chinese Yuan In Currency Swap Deal


The Central Bank of Nigeria on Friday commenced its intervention in the sale of foreign exchange in Chinese Yuan.

The implementation signalled the consummation of the Bilateral Currency Swap Agreement signed with the People’s Bank of China on April 27, 2018.

The apex bank in a statement issued on Friday explained that the sale of foreign exchange under the agreement would be done through a combination of spot and short tenored forwards.

It added that the exercise, is in form of a Special Secondary Market Intervention Sales retail and would be dedicated to the payment of Renminbi denominated Letters of Credit for raw materials and machinery and agriculture.

The CBN Spokesman, Mr Isaac Okorafor, explained in the statement that the apex bank would receive bids from all authorized dealers.

elsamad new

He added that due to the peculiarity of the exercise, the apex bank would not be applying the relevant provisions of its Revised Guidelines for the operation of the Inter-bank Foreign Exchange Market, which direct all SMIS bids to be submitted to the CBN through the Forex Primary Dealers.

The statement reads in part, “The CBN would also not be applying the relevant provisions of the Guidelines which equally provide that Spot foreign exchange sold to any particular end-user shall not exceed one per cent of the overall available funds on offer at each SMIS session.”

Speaking on the bid period, he said authorised dealers would be requested to submit their customers’ bids from 9.00 am to 12.00 pm on Friday July 20, 2018, adding that bids received after this time would be disqualified.

On funding, he disclosed that authorized dealers would be required to debit the customers’ accounts for the naira equivalent of their bids, stressing that the CBN would debit authorized dealers’ current account on the day of intervention to the tune of the naira equivalent of their bid request.

Okorafor further explained in the statement that there would be no predetermined spread on the sale of Forex Forwards by Authorised Dealers to end-users under the Special SMIS-Retail,

He added  that Authorised Dealers would be allowed to earn 50 kobo on the customers’ bids.


  1. 335846 749495There is numerous separate years Los angeles Weight reduction eating program with each a person is really a necessity. The pioneer part can be your original finding rid of belonging to the extra pounds. la weight loss 219395

  2. 線上百家樂 says

    216409 95876Someone essentially lend a hand to make critically articles Id state. That is the initial time I frequented your site page and so far? I amazed with the research you made to create this actual post extraordinary. Amazing activity! 181754

  3. 375388 347612Fantastic post, I conceive internet site owners need to larn a good deal from this internet site its extremely user friendly . 599435

  4. köpa sustanon says

    558108 104280A person essentially support to make seriously articles I would state. This is the very first time I frequented your website page and thus far? I surprised with the research you made to make this specific publish incredible. Wonderful job! 11626

  5. Rastrear Celular says

    Como faço para saber com quem meu marido ou esposa está conversando no WhatsApp, então você já está procurando a melhor solução. Escolher um telefone é muito mais fácil do que você imagina. A primeira coisa a fazer para instalar um aplicativo espião em seu telefone é obter o telefone de destino.

  6. Suivre Téléphone says

    Certains fichiers photo privés que vous supprimez sur votre téléphone, même s’ils sont définitivement supprimés, peuvent être récupérés par d’autres.

Leave A Reply

Your email address will not be published.