Central Bank of Nigeria injects $289.7m, CNY38.7m into forex market for agric, raw materials

Jan 26, 2019
The Central Bank of Nigeria (CBN) has injected $289.76million into the retail secondary market intervention sales and CNY38.70million into the spot and short- tenored forwards segment of the inter-bank foreign market.
 
The Director, Corporate Communications Department, CBN, Isaac Okorafor, who disclosed this in a statement, noted that the dollar-denominated interventions were for transactions in the agricultural and raw materials sectors.
 
He also added that on-the-spot and short- tenored sales in Chinese Yuan were similarly for the payment of Renminbi-denominated Letters of Credit for agriculture and raw materials based on bids the apex bank received from authorised dealers.
 
Okorafor also reaffirmed CBN’s support to the inter-bank foreign exchange market, saying: “The management of the CBN is pleased with the level of stability at both the Bureau de Change and the investors’ and exporters’ window of the foreign exchange market.
 
“The bank is also satisfied with the current implementation of the bilateral currency swap agreement with the Peoples Bank of China, coupled with a recent inflow of about $2.8bn Eurobond.”
 
Okorafor also expressed confidence that the foreign exchange market in Nigeria would remain stable in the coming months and beyond, with the marginal increase in the country’s external reserves.
 
It would be recalled that the CBN had earlier injected $210 million into the wholesale, small and medium enterprises and invisibles windows of the inter-bank foreign exchange market on January 17.
 
 
Source: The Ripples
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