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.

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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.

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

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