CBN Injects $325m, 14m yuan into Forex Market

The Central BANK OF Nigeri, CBN, on Friday injected $325.5 million and 14 million yuan renminbi ($1.98 million) into the market an effort to keep it stable and prevent shortages.

The Director, Corporate Communications Department, of the bank, Isaac Okorafor, who made the disclosure revealed that the intervention was for agricultural machineries and industrial raw materials.

The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.

Okorafor further expressed optimism that the stability in the forex market would be sustained and therefore assured the public, particularly genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

The bank had on Tuesday, October 15, 2019, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.