CBN Injects $543m, CNY63m Into Forex market In Two Days

In two consecutive days- Thursday, August 23 and Friday, August 24, 2018, the Central Bank of Nigeria (CBN) injected a total sum of $543.22m and CNY63.21m into the inter-bank foreign exchange market.
While $100m was offered as wholesale interventions, the sum of $55m was allocated to the Small and Medium Enterprises (SMEs) forex window, just as the invisibles window, which caters for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, received $55m.
Similarly, on Friday, a statement by the CBN said the sum of $323.22m, or 59.48% was injected into the interbank retail Secondary Market Intervention Sales, besides the total of CNY63.21m offered in the spot and short-tenored forwards, arising from bids received from authorized dealers
CBN’s spokesperson, Isaac Okorafor, who confirmed the figures, expressed the apex bank’s renewed commitment to maintaining Nigeria’s external reserves to safeguard the international value of the Naira in line with its mandate.
According to him, the CBN’s management of the forex market had entrenched transparency in the market and continued to strengthen the value of the naira against other major currencies of the world.
Okorafor said the sale of Chinese Yuan (Renminbi) was in line with the CBN guidelines, which stipulate that it would be for the payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials.
While also noting that availability of the Chinese currency would ease pressure on the Nigerian foreign exchange market, he attributed the relative stability in the foreign exchange market to the intervention of the CBN as well as the sustained increase in crude oil prices in the international market. He further pledged that the Bank would ensure that the requirements of customers in all sectors of the foreign exchange market are guaranteed access to required foreign exchange.
Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchanged for N53.17.