CBN Injects $297m Into Secondary Market

The Central Bank of Nigeria has injected $297.92m dollars into the retail Secondary Market Intervention Sales.

Director of Corporate Communications, Mr Isaac Okorafor, made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2m in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

Okorafor reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting foreign exchange needs of all sectors of the economy.

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