By Tony Obiechina 

 

The Central Bank of Nigeria (CBN) on Friday injected $340,507,376.51 into the Interbank Retail Secondary Market Intervention Sales. This is in addition to the sale of CNY 69,858,087.15 on the spot and short tenored forwards.

This is coming on the heels of last week’s take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY).

The figures showed that the US denominated interventions were only for concerns in the agricultural and raw materials sectors.

According to CBN’s Director of Corporate Communications, Mr Isaac Okorafor, the sales in the Chinese Yuan were through a combination of spot and 15-day tenors.

He said the exercise, in line with its guidelines, were for the payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials and machinery.

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

He attributed the relative stability in the foreign exchange market largely to the continued intervention of the CBN as well as the sustained increase in crude oil prices in the international market.

The CBN spokesman further assured that the Apex Bank would remain committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns, whether in United dollars of Chinese yuan.