FOREX: CBN injects $327m into retail market

Central bank of Nigeria (CBN)
Central bank of Nigeria building

The Central Bank of Nigeria (CBN), on Friday, injected another $327.4 million into the inter-bank retail secondary market intervention sales.

This is in addition to about CNY69.701million (Chinese Yuan) in the spot and short-tenored forwards in the market.

The CBN said he US dollar-denominated interventions were only for concerns in the agricultural and raw materials sectors.

The CBN spokesperson, Isaac Okorafor, said the exercise was in tune with the Bank’s guidelines for the payment of Renminbi denominated letters of credit for agriculture as well as raw materials.

Mr Okorafor said the sales in the Chinese Yuan were through a combination of spot and short-tenored forwards, arising from bids received from authorized dealers.

He said availability of Renminbi was sure to ease pressure on the Nigerian foreign exchange market

The relative stability in the foreign exchange market, he noted, was as a result of the intervention of the CBN as well as the sustained increase in crude oil prices in the international market.

The CBN spokesperson assured that the Bank would remain committed to ensure all the sectors of the economy continue to enjoy access to the needed foreign exchange by Nigerians.

Meanwhile, a dollar exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market on Friday, while one Chinese Yuan exchanged for N53.35.

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