FOREX Market: CBN Injects $337m, 53m Chinese Yuan

The Central Bank of Nigeria (CBN) on Friday pumped over 337 million dollars into the Inter-Bank Foreign Exchange (Forex) market.

The apex bank also intervened in the market with about 53.44 million Chinese Yuan in the Spot and Short tenored forwards of the inter-bank foreign exchange market.

In a statement announcing this round of forex intervention, CBN’s Acting Director, Communications Department. Mr Isaac Okorafor, said the move was in line with advancing the apex bank’s commitment to adequate liquidity and stability in the inter-bank foreign exchange market.

He said the CBN had earlier on Tuesday injected 210 million dollars in the nter-Bank foreign exchange market as part of its efforts at stimulating activities as well as maintaining soundness and stability in the market.

Also on Friday, the Naira maintained its steady rate against major international currencies as it exchanged for N362 to a dollar in the Bureau De Change segment of the market.