CBN Injects $337m, CNY53m Into Inter-bank Forex Market

yuanAn employee places Chinese one-hundred yuan banknotes into a money counting machine in an arranged photograph at the Bank of China Hong Kong Ltd. headquarters in Hong Kong, China, on Thursday, Nov. 12, 2015. Photographer: Xaume Olleros
  • CBN Injects $337m, CNY53m Into Inter-bank Forex Market

The Central Bank of Nigeria on Friday injected over $337m into the inter-bank foreign exchange market.

The CBN intervened in the Retail Secondary Market Sales to the tune of $337,333,646.85, in addition to the sum of CNY53,444,222.38 in the spot and short-tenored forwards of the inter-bank foreign exchange market.

While confirming the figures, the Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, reiterated that the move was in furtherance of the apex bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.

It will be recalled that the bank had on Tuesday, October 16, 2018 injected the sum of $210m into the inter-bank foreign exchange market.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N362/$1 in the Bureau De Change segment of the market on Friday.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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