Nigeria's apex feeds its baby by injecting $284.2 million and 36 million Chinese Yuan into the forex market   


30 July 2019 : Over last weekend, Central Bank of Nigeria pumped $284.2 million the Retail Secondary Market Intervention Sales (SMIS);  CNY 36.0 million into forex market and short-tenured forwards segment of the inter-bank foreign market. This is done by the pinnacle bank in order to maintain stability in the foreign exchange market and to ensure that all sectors of the market have access to the required forex. 


Q1 of 2019 saw Nigeria's external reserves skyrocket to $45.07 billion.


According to Isaac Okorafor, the Bank’s Director, Corporate Communications Department, the US dollar-denominated transactions ought to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are dedicated to Renminbi-denominated Letters of Credit. He also pointed out that


Last Tuesday also, the pinnacle bank drove $210 million into the forex market.


On Monday, the naira continued to enjoy stability , exchanging at N360 to the dollar at the parallel market in Lagos and N306.90 at the official window. 


At the I&E FX Window, the local currency opened trading at N361.97 to the dollar.


Nigeria determined to continue to support local currency


On account of its high FX reserves, CBN had foreseen a stable exchange rate in its post-election strategies


Nigeria's foreign reserves swole by $2 billion to peak at $45 billion in the half of 2019, while the country's external reserves took a $2 billion astronomical jump, reaching $45.07 billion in the first half of 2019, 


Also, according to CBN governor, Godwin Emefiele’s 5-year Policy Thrust, “the country's external reserves have risen from $23 billion in October 2016 to over $45 billion by June 2019.”


Reporting for EasyKobo on Monday , 29 July 2019 in Lagos, Nigeria

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