CBN Pumps $337 Million, Chinese Yuan Into Foreign Exchange Market
The Central Bank of Nigeria, CBN is said to have spent an estimated $2.2 billion to keep the naira stable over the past one year.
And it appears the apex seems even more determined to pump in more dollars to defend the naira.
In another round of intervention, CBN on Friday, injected over 337 million dollars in the Inter-Bank Foreign Exchange (Forex) market.
The CBN also intervened to the tune of 53.44 million Chinese Yuan in the Spot and Short tenored forwards of the inter-bank foreign exchange market.
The CBN spokesman, Mr Isaac Okorafor, in a statement in Abuja said that the move was in furtherance of the bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.
The Bank had on Tuesday injected 210 million dollars in the Inter-Bank foreign exchange market.
Meanwhile, the Naira maintained its steady rate against major currencies around the globe, exchanging for 362-naira to a dollar in the Bureau De Change segment of the market on Friday.
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