CBN injects $337m, CNY53m into Inter-Bank Forex Market

In another round of intervention, the Central Bank of Nigeria (CBN), on Friday, October 19, 2018 injected over $337 million in the inter- Bank forex market. The CBN intervened in the Retail Secondary Market Sales (SMIS) to the tune of $337,333,646.85, in addition to the sum of CNY53,444,222.38 million in the spot and short tenored forwards of the inter-bank foreign exchange market.

While confirming the figures, the Bank’s Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, reiterated that the move was in furtherance of the Bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market. It will be recalled that the Bank had on Tuesday, October 16, 2018 injected the sum of $210 million in  the inter-bank foreign exchange market. Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N362/$1 in the BDC segment of the market on Friday.