NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
CBN injects another $288m into forex market

By News Express on 25/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 553


The Central Bank of Nigeria (CBN) on Friday injected $287.89 into the Retail Secondary Market Intervention Sales (SMIS) in continuation of its resolve to guarantee liquidity in the foreign exchange market.

Data received from the CBN on Friday revealed that the figure was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures, noting that the releases were targeted at sustaining liquidity in the market as well as boosting
production and trade.

He reiterated that the Bank remained committed to ensuring liquidity in the inter-bank sector of the market and would continue to intervene in order to drive growth in the economy and guarantee stability in the market.

With Friday’s rates hovering around N359 and N360/$1, Okorafor, was upbeat that the Bank’s foreign exchange intervention had effectively checked speculations around the Naira. He, however, disclosed that the Bank would continue to ensure enforcement through utilisation report and market intelligence.

The CBN intervened in the inter-bank Foreign Exchange Market to the tune of $210,000,000, comprising of $100 million for the wholesale segment and $55 million each for the Small and Medium Enterprises
(SMEs) and invisibles segment.

Although the Naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Friday, there is growing anticipation that the objective of
the CBN to achieve rates convergence might be met before the end of December 2017 through a combination of factors such as Diaspora repatriation of funds and continued accretion to the country’s
reserves.


Source News Express

Posted 25/11/2017 05:32:05 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
N8B Currency Scam: Court dismisses bail application by...

‘Obiano Police’ detains popular transporter for refusing to...

400 'awaiting trial' inmates languish in Awka Prisons...

Abia Polls: APC candidate kicks as victorious PDP...

FG, states share N641.299 billion for the month...

NBA lambasts FG over continued detention of Dasuki,...

Airtel introduces exclusive WhatsApp Data Bundle Service

Andy Uba bemoans Nigeria’s N6trn loss to fire...

Lawmaker to governors: Focus on citizens, not NGF...

FG announces plans to introduce zero-based budget system...

Ondo to begin chocolate production April 2016

FG moves to check student unrest on campuses...

 

Latest News UPDATE: Dino Melaye injured in escape bid, rushed to hospital 2 Catholic priests, 14 other worshipers dead as herdsmen unleash fresh mayhem in Benue •How it happened — Police Breaking News: Pandemonium as thugs shock police, whisk away Senator Dino Melaye Intrigues as APC picks Abuja for convention •Oyegun, Oshiomhole divide South South APC No restructuring, no 2019 election, Ijaw youths warn •Vow to stop oil flow in the region Imo APC group issues ultimatum to Okorocha El-Rufai charges incarcerated Sheikh Zakzaky and wife to court APC National Chairmanship Battle: South South Chairmen reject Oshiomhole, insist on Odigie-Oyegun Army kills armed robbers in Ibadan Falana calls for Buhai’s probe over $469m ECA scandal Switzerland returned $322.5m Abacha loot with interest — Envoy Troops waste 6 bandits terrorising Kogi

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,789 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,789 views) Shameless Genevieve Nnaji exposes breasts in public (267,900 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (220,296 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (202,159 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (198,224 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,931 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (155,278 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (147,172 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (139,109 views) Lagos plane crash: Journalist releases victims’ names (136,955 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,639 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,069) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (483) Features (569) Global Business Monitor (264) International (1,926) Interview (149) Live Commentary (28) Love Matters (116) News (34,717) Opinion (916) Pidgin (10) Politics (4,810) Religion (724) Sports (1,485) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement