CBN injects $242m, 32.3m CNY into retail market

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Japanese yen notes are piled atop U.S. dollar bills during a photo opportunity at an office of Interbank Inc. money exchange in Tokyo November 27, 2009. REUTERS/Yuriko Nakao

The Central Bank of Nigeria (CBN) on Friday injected the sum of 242.04 million dollars into the retail Secondary Market and 32.3 million Chinese Yuan CNY in the spot and short tenured segment of the inter-bank foreign market.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed this in a statement in Abuja.

He said that the intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan on the other hand was for Renminbi-denominated Letters of Credit.

Okorafor expressed satisfaction over the stability of the foreign exchange which he said was largely due to sustained intervention by the bank.

He assured Nigerians that the bank would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

According to him, this step is in continuation of its intervention in the inter-bank foreign exchange market.

He reiterated that with improved inflow of foreign exchange, the exchange rate had remained stable around N360 to a dollar for the past 27 months.

The reports state that CBN on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of 55 million dollars.

He disclosed that one dollar exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55 on Friday.

Suzan O