CBN boosts Forex Market with $210m

[ad_1]

CBN
CBN

CBN boosts Forex Market with $210m

The Central Bank of Nigeria (CBN) has boosted the inter-bank Foreign Exchange Market with the sum of $210million, to meet customers’ requests in various segments of the market.

In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Monday, January 22, 2018.  The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $55 million.

Mr. Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department (CCD), reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will continue to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.

It will be recalled that in the past week, the CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, January 22, 2018.

By PRNigeria

……………………………………………

[ad_2]

Source link

قالب وردپرس



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply