CBN Injects $340m, CN¥68.85m Into Forex Market

• CBN Injects $340m, CN¥68.85m Into Forex Market

The Central Bank of Nigeria on Friday commenced its intervention under the currency swap deal with the injection of CN¥69.85m into the foreign exchange market.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, confirmed this in a statement.

The statement said in addition to the CN¥69.85m, the apex bank also injected $340.5m into the interbank retail secondary market segment.

It said the interventions were only for operators in the agricultural and raw materials sectors of the economy.

The statement read in part, “Following last week’s commencement of its intervention in the sale of foreign exchange in Chinese yuan, the CBN injected the sum $340,507,376.51 into the interbank retail Secondary Market Intervention Sales.

“The figures obtained from the CBN on Friday, July 27, 2018, showed that the US denominated interventions were only for concerns in the agricultural and raw materials sectors.

“The sales in the Chinese yuan were through a combination of spot and 15-day tenors.”

The CBN explained that the requests attended to were bids received from authorised dealers, adding that the availability of Renminbi was sure to ease pressure on the Nigerian foreign exchange market.

It attributed the relative stability in the foreign exchange market to its continued intervention as well as the sustained increase in crude oil prices in the international market.

The CBN spokesperson gave an assurance that the apex bank would remain committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns, whether in United States dollars or Chinese yuan.