News
CBN injects $323m, 18m yuan into currency market
The Central Bank of Nigeria [CBN] injected $323.5 million and 17.9 million Chinese yuan ($2.5 million) into the currency market on Friday in an effort to keep it stable and prevent shortages.
A central bank spokesman said the dollar intervention was for agricultural machinery and industrial raw materials, while the yuan was for yuan-denominated letters of credit.
He added that the bank would continue to ensure adequate liquidity in the market.
Traders have said importers are not willing to buy the dollar above the current range, which is partly helping to keep the naira stable as liquidity dries up from foreign inflows due to a fall in debt yields.
In the over-the-counter market, the naira was quoted at between 362 and 362.50 this week, holding within this month’s range. The currency is quoted at 307 on the official market, supported by the central bank.
-
News23 hours ago
IKEDC reduces electricity tariff for Band A customers
-
Entertainment24 hours ago
James Brown publicly disowns sister after alleged assault
-
News24 hours ago
Edo issue vacation warning to illegal gold miners
-
News18 hours ago
Lagos begins demolition of shanties under Adeniji Adele bridge
-
News17 hours ago
Lagos real estate agent schools Yemi Alade on demolition comments
-
News19 hours ago
Hackney: Oyo man arraigned for forging vehicle particulars
-
News15 hours ago
Remi Tinubu hosts first Nigerian female British military academy graduate
-
Metro13 mins ago
Police PRO ‘threatens’ X user who called ex-IGPs criminals