CBN Injects $298.71m Into Retail Market
According to the Director of Corporate Communications Department, Mr Isaac Okorafor, the apex Bank also injected 39.69 million Chinese Yuan (CNY) in the spot and short-tenured forwards segment of the inter-bank foreign market.
In a statement released in Abuja on Friday, Okorafor explained that the interventions in U.S. dollars, just as in previous transactions, were meant to meet requests in the agricultural and raw materials sectors.
He added that in the same vein, the transactions in Chinese Yuan were for Renminbi-denominated Letters of Credit.
Okorafor expressed the satisfaction of the bank’s management with the stability in the foreign exchange market, adding that it would continue to make necessary interventions to ensure liquidity in the Nigerian market.
He said CBN was further encouraged by the improved inflow of foreign exchange, which had kept the exchange rate around the N360/$1 for close to 30 months.
The apex bank spokesman urged Nigerians to continue supporting the policies of CBN aimed at boosting the production capacity of local industries as well as creating jobs for citizens.
He said the apex bank remains committed to ensuring that all the sectors of the foreign exchange market continued to enjoy access to the needed foreign exchange.
Market reports showed a dollar currently exchanges at N360 to the dollar while CNY1 exchanged at N55 at the Bureau de Change (BDC) segment of the foreign exchange market on Friday. – NAN
