Nigeria's central bank injects liquidity into market

Monday 7th October, 2019

LAGOS, Oct. 7 (Xinhua/GNA) - Nigeria's central bank has pumped US$ 311.5 million and 15 million Chinese yuan respectively into the financial system.

The dollar intervention was for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, Isaac Okorafor, spokesperson for the Central Bank of Nigeria (CBN), said in a statement reaching Xinhua.

He said the yuan component was for payment of renminbi denominated letters of credit for agriculture as well as raw materials.

The market continues to enjoy stability, owing to the regular interventions by the CBN, which according to Okafor had also guaranteed a stable exchange rate for the naira.

The apex bank's management remained committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

According to him, 1 dollar exchanges for 357 naira at the Bureau de Change (BDC) segment of the foreign exchange market, while 1 yuan exchange at 47 naira.