Home Economy Nigeria’s central bank injects liquidity into market

Nigeria’s central bank injects liquidity into market

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 Nigeria’s central bank has pumped 218.41 million U.S. dollars and 18 million Chinese yuan (about 2.57 million U.S. dollars) respectively into the financial system, an official said Saturday.

   This was in continuation of the bank’s intervention in the inter-bank foreign exchange market, Isaac Okorafor, spokesperson for the Central Bank of Nigeria (CBN), said in a statement reaching Xinhua.

   He said 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 expressed satisfaction over the stability of the foreign exchange market which, according to him, was largely due to sustained intervention by the apex bank.

   He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

   According to him, this is to ensure that the stability in the foreign exchange market will continue to attract investors.

   The apex bank was on Tuesday offered authorized dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises and the invisible s segments each received the sum of 55 million dollars. 

XINHUA

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