Nigeria: CBN Boosts Forex With Additional $142m

July 11, 2017, 12:21 am

The Central Bank of Nigeria (CBN) has injected $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with $254.3 million.

The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said on Monday that CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.

A breakdown of Monday’s intervention indicates that the Bank offered $100 million to dealers in the wholesale segment, while it allocated $23 million to the Small and Medium Enterprises (SMEs) segment.

Also, for those requiring foreign exchange for invisibles such as tuition fees, medical payments, business and personal travel allowances received $19.5 million.

Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of Forex.

According to him, the Bank has mandated dealers to make public their forex utilisation.

He, therefore, urged all stakeholders to continually play their roles to guarantee transparency in the market.

The CBN last Friday intervened in the retail segment of the forex market to the tune of $254.3 million following bids received from forex dealers by the apex Bank.

The figure sold by the Bank was for companies in the raw materials, agricultural, airline and petroleum industry.

Meanwhile, the naira maintained its stand at the Bureau de Change (BDC) segment of the forex market, exchanging at an average of N364 to a dollar in Abuja.

 

Source: nan

Follow us on Twitter @theglobengr

 

GET YOUR INSTANT SMS DELIVERY ALL NETWORK ON SFWSMS.COM. CLICK HERE TO REGISTER AND ENJOY CHEAP RELIABLE BULKSMS SERVICE.

 

 

Like this story? Get on the list for updates...it's FREE!.

Related News

LATEST POSTS

High Court Barred The Government From Arresting Nation Media Group (NMG) Journalists Linus Kaikai

High Court on Friday barred the Government from arresting Nation Media Group (NMG) journalists Linus Kaikai, Larry Madowo and Ken Mijungu. Justic....

Raila Odinga Has Taken ‘Oath’As The President Of The Republic Of Kenya.

After days of anxiety and a postponement in December 12, 2017, Raila Odinga has taken ‘oath’ as the President of the Republic of Kenya.

....

Tuface, Annie in Benue To Support Flood Victims

The popular musician, Innocent Idibia, popularly known as TuFace, has arrived at the camp for internally displaced persons in Makurdi, the Benue St....

UEFA Extends Kit Assistance Scheme to 2022

UEFA has extended its successful Kit Assistance Scheme, which supports Europe’s smaller national associations....

We're ready to prove Judiciary wrong, says Uhuru, asks IEBC to set dates

President Uhuru Kenyatta has asked the electoral agency to announce the dates for the repeat presidential elections as soon as possible.

....

Share