Business

CBN: Apex bank injects $142.5M into foreign exchange market

CBN: Apex bank injects $142.5M into foreign exchange market

Mr. Godwin Emefiele, CBN Governor

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

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

The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said the 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 dollars to dealers in the wholesale segment, while it allocated 23 million dollars 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 dollars.

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 dollars 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: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

More in Business

CBN: Apex bank boosts foreign exchange supply with $195M

adminJuly 17, 2017

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

adminJuly 17, 2017

Introducing TEDxYaba 2017: Maryam Uwais, Omobola Johnson, Seni Sulyman, Lala Akindoju, Judith Okonkwo and more to speak at the Event

adminJuly 17, 2017

Max-Migold Facilities Master Craft Program: Earn from N150,000 monthly as a Facility Mangaer

adminJuly 10, 2017

In China: Govt opens $10 trillion bond market in liberalisation step

adminJuly 3, 2017

Economic Recession: Prof Nwaekeaku says CBN’s intervention in forex market is temporal

adminJune 26, 2017

Audu Ogbeh: Nigeria begins yam export to US and UK

adminJune 26, 2017

Cocoa House: Osun move to revival South-West cocoa phenomenon, process 20,000 tonnes daily

adminJune 24, 2017

First Bank of Nigeria Limited: Bank launches new responsive, feature rich website built for the digital age

adminJune 16, 2017

Copyright © 2016 NigeriaOnline.