BusinessFeatured

Nigeria’s forex market get $543m, CNY 63m from CBN

671
Ruth Olurounbi
  • Retail segment receives $323m boost

  • SMEs, other get $155m

The Central Bank of Nigeria (CBN) on Thursday and Friday, August injected a total sum of $543.22 million and Chinese Yuan (CNY) 63.21 million into the inter-bank foreign exchange market, according to a written statement from the bank that was made available to the press, Friday.

The central bank said it offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 to the Small and Medium Enterprises (SMEs) forex window, at the Thursday’s trading. The invisibles window, which caters for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, also received $55 million on the same day.

On Friday, the bank injected $323.22 million into the interbank retail Secondary Market Intervention Sales and sold a total of CNY 63.21 million in the spot and short-tenored forwards, arising from bids received from authorized dealers, the bank’s spokesperson, Isaac Okorafor, confirmed in the statement.

The sale of the Chinese Yuan is classified as payment of Renminbi denominated Letters of Credit for agriculture as well as raw materials, Okorafor says. Nigeria is banking the availability of the Chinese currency to ease pressure on the Nigerian foreign exchange market.

Meanwhile, $1 exchanged for N360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchanged for N53.17.

Leave a comment

Related Articles

Nigeria’s Foreign Reserves Hit Seven-Year High of $46.7bn – CBN Gov. Cardoso

Nigeria’s foreign reserves have reached a seven-year high of $46.7 billion, providing...

Breaking: CBN Lifts Cash Deposit Limit, Raises Withdrawal Ceiling to N500,000

The Central Bank of Nigeria (CBN) has removed the limit on cash...

FirstBank Introduces Vybe Hub to Elevate Customer Experiences for DecemberIssaVybe

By Bolaji Israel Seth Godin, an American author, entrepreneur and one of...

CBN Retains Monetary Policy Rate at 27%

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has decided to...

Entrepreneurs Hold Nigeria’s Future, Says Tony Elumelu

Nigeria’s economic transformation will be driven by homegrown entrepreneurs, not government handouts...

Pound Sterling Hits ₦2,065.96 in Nigerian Market

The British pound sterling has reached approximately ₦2,065.96 in the Nigerian market,...

15% fuel import duty in Nigeria’s best interest – Presidency

The Presidency has clarified that the new 15 per cent import duty...

Naira Struggles in Parallel Market, Dollar Trades at ₦1,490

The Nigerian naira is facing challenges in the informal foreign exchange market,...

FirstBank’s 9th Annual CR&S Week: Empowering Communities, Promoting Sustainability and Kindness

FirstBank, the premier bank in West Africa and a leading financial inclusion...

Transcorp Plc’s Q3 2025 Profit Soars 54% to N38.81bln, 9-Month PBT Reaches N124.52bln

Transnational Corporation Plc (Transcorp Group) announced its unaudited Q3 2025 results, posting a...

FirstBank Revolutionizes Cross-Border Payments with PAPSS Integration on LIT App

FirstBank, the premier bank in West Africa and a leading financial inclusion...

Dangote Refinery to Float 5‑10% Stake on NGX Within Year, Sets 1.4m bpd Target

Aliko Dangote, founder of the Dangote Group, announced that the Dangote Petroleum Refinery...

Nigeria’s Gold Programme to Boost Foreign Reserves, Strengthen Naira – Alake

The Minister of Solid Minerals Development, Mr. Dele Alake, says the National...

UBA Set to Unveil Whitepaper on Africa’s Financial Infrastructure

Africa’s Global Bank, United Bank for Africa (UBA) is poised to further...

UBA Foundation Gives Students Opportunity to Vie for Over N22.5m NEC Prize

UBA Foundation, the corporate social responsibility arm of the United Bank for...

Waves of Innovation: How First Bank turned Lagos into Africa’s Electric Playground

By Kazeem Ugbodaga The Lagos Lagoon glistened in shades of blue and...

Nigeria’s Electronic Payment Transactions Hit N384trn in July 2025 – Says CBN Gov.

Nigeria’s journey towards a cashless economy is gaining momentum, with electronic payment...

Gold Prices Soar to Record High, Surpassing $4,000 per Ounce

Gold prices have surged past the $4,000-per-ounce mark for the first time...

CBN, SEC Collaborate on Cryptocurrency Framework – CBN Gov. Cardoso

The Central Bank of Nigeria (CBN) is working closely with the Securities...