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CBN Boost The Agricultural And Raw Materials Sectors With Chinese Yuan, American Dollars

Following its maiden Monetary Policy Committee meeting for 2019, the Central Bank of Nigeria, injected the sum of $289.76 million and 38.70 million Chinese Yuan to boost the foreign market.

The CBN Director of Corporate Communications, Isaac Okorafor, in a statement, said the dollar-denominated interventions were for transactions in the agricultural and raw materials sectors.

Okorafor said on the spot and short-tenored sales in CNY were similarly for payment of Renminbi-denominated Letters of Credit for agriculture and raw materials based on bids received from authorised dealers.

While reiterating CBN’s support to the inter-bank foreign exchange market, he disclosed that the bank’s management was pleased with the level of stability at both the Bureau-de-Change (BDC) and the Investors and Exporters (I&E) window of the foreign exchange market.

According to him, the CBN management was also satisfied with the current implementation of the Bilateral Currency Swap Agreement (BCSA) with the Peoples Bank of China (PBoC), coupled with a recent inflow of about $2.8bn Euro bond.

Mr. Okorafor, expressed confidence that the foreign exchange market in Nigeria would continue to enjoy stability in the coming months and beyond given the marginal increase in the country’s external reserve.