Naira Steadies Against 3 Major Currencies As CBN Injects $337m, CNY53m Into Forex Market

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Naira Steadies Against 3 Major Currencies As CBN Injects $337m, CNY53m Into Forex Market

The local currency Naira maintained its steady rate against major currencies on Friday, October 19, as the Central Bank of Nigeria (CBN) injected over $337m into the inter-bank foreign exchange market.

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The CBN intervened in the Retail Secondary Market Sales to the tune of $337,333,646.85,in addition to the sum of CNY53,444,222.38 in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Confirming the figures, the Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, reiterated that the move was in furtherance of the apex bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.

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It will be recalled that the bank had on Tuesday, October 16, 2018 injected the sum of $210m into 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 Bureau De Change segment of the market on Friday.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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