forex

CBN Injects $218.41m, CNY 18m Into Forex Market

February 10, 2020 2:51 pm

In line with its intervention in the interbank foreign exchange (forex) market, the Central Bank of Nigeria (CBN) at the weekend, injected the sum of $218.41million into the retail Secondary Market Intervention Sales (SMIS) and CNY 18million in the spot and short-tenored forwards segment of the inter-bank forex market.

The bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

Okorafor, in a statement, further expressed satisfaction over …

$48b forex inflows, $45b reserves stabilise naira

June 6, 2019 12:06 am

Rising dollar inflows through the Investors’ and Exporters’ (I&E) Forex Window and foreign reserves accretion have stabilised the naira in the official and parallel markets.

The I&E Forex Window has attracted $48 billion to the economy in 24 months, the Central Bank of Nigeria (CBN) showed in its updated report on the dollar inflows.

The report also showed that foreign reserves have risen to $45 billion.

With improved availability of foreign exchange, the exchange rate at the I&E Forex window has remained stable over the past two years at an average of N360/$, and the parallel market exchange rate has …