Forex market: CBN provides $268.4m, CNY46.3m for agric, raw materials

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The Central Bank of Nigeria (CBN) on Friday provided $340 million and 46.3 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw materials sector.

CBN Spokesperson, Isaac Okorafor, said the sales in the Chinese Yuan was done through a combination of spot and short-tenored forwards segment of the foreign exchange market.

He said the Chinese Yuan was made available only to customers with Renminbi denominated Letters of Credit for agriculture as well as raw materials and machinery.

Mr Okorafor said the availability of Renminbi would eventually ease pressure on the Nigerian foreign exchange market.

He attributed the current stability in the foreign exchange market to the continued intervention of the CBN.

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“The apex bank remains committed to ensuring that all sectors continue to enjoy access to foreign exchange required for business, whether in US dollars or Chinese Yuan,” the CBN spokesman said.

Meanwhile, a dollar exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while one CNY exchanged for N54.

Source: Agency Report, Premium Times

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