The Central Bank of Nigeria (CBN) on Thursday and Friday, injected a total sum of $543.22 million and CNY 63.21 million into the foreign exchange (Forex) market.

According to data provided by the apex bank on Thursday’s market intervention, the sum of $100 million was offered as wholesale interventions and allocated the sum of $55 million each to the Small and Medium Enterprises, SMEs and the Invisibles windows customers respectively.

On Friday, the bank injected the sum of $323.22 million into the interbank retail Secondary Market Intervention Sales and sold CNY 63.21 million in the spot and short-tenored forwards, arising from bids received from authorized dealers

The bank’s Acting Director, Corporate Communications, Isaac Okorafor, who confirmed the interventions, restated the bank’s commitment to ensuring the efficiency of the country’s external reserves and sustaining the national currency’s (Naira’s) exchange rate value against other international currencies’ rates.

CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor
CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor

Okorafor said that the bank’s management will continue to ensure transparency in the market and making access to foreign exchange easier for users.

He explained that the sale of Chinese Yuan (Renminbi), was in line with the CBN guidelines and specifically supplied for the payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials.

This is just as he also pointed out that one of the major factors that have helped the apex bank to sustain the relative stability in the forex market had been the increase in crude oil prices in the international market over the past months.

Okorafor assured forex users that the CBN would continue to ensure that their needs were met across all segments of the forex market.

Meanwhile, at the Bureau de Change, BDC, segment of the forex market yesterday, the Naira exchanged at N360 to a $1 while the CNY 1 exchanged at N53.17.