The Central Bank of Nigeria (CBN) on Friday, intervened in the Retail Secondary Market Intervention Sales by injecting the sum of $263 million, the first in 2019.
A statement by the Director, Corporate Communications at CBN, Isaac Okorafor, on Friday, indicated that the apex bank also injected CNY39m into the sector for a combination of spot and short-tenored forwards, arising from bids received from authorised dealers.
According to figures from CBN, the US dollar-denominated interventions were for requests in the agricultural and raw materials sectors, while the Yuan sale was for payment of Renminbi-denominated letters of credit for agriculture as well as raw materials.
According to Okorafor, the move was in furtherance of the CBN Governor’s commitment to ensuring foreign exchange liquidity in the system as well as boosting trade and production.
He revealed that the CBN would sustain its intervention through the sale of foreign exchange to all segments of the market to meet all legitimate foreign exchange demand while also striving to achieve exchange rate stability in the market in the weeks ahead.
Okorafor also disclosed that the CBN Governor, Godwin Emefiele, will further unfold the bank’s plans for the year during the first Monetary Policy Committee meeting for the year scheduled to hold between 21st and 22nd January, 2019.
Source: The Ripples