Fidelity bank banner Bayelsa State banner
CBN injects another $100m into Forex market •Vows to get tough with erring banks

By News Express on 25/05/2018

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

Views: 472

•CBNgovernor, Godwin  Emefiele
•CBNgovernor, Godwin Emefiele

In an apparent move to safeguard the interest of customers seeking to purchase foreign exchange for personal obligations and checkmate any attempt at causing panic in the market, the Central Bank of Nigeria (CBN) on Thursday released the sum of $100 million into the Nigerian Forex market.

The release, which is coming barely 24 hours after the Bank injected $210 million into the wholesale segment of the market, is aimed at accommodating the spike in the seasonal demand for foreign exchange to meet various personal obligations, particularly pilgrimage.

Furthermore, it was learnt that the CBN plans to inject more United States Dollars into the foreign exchange market in the coming days, to checkmate any attempt to trigger artificial scarcity of the greenback.

Confirming the release, the Bank’s Acting Director, Corporate Communications, Isaac Okorafor, said the move had become necessary in order to protect customers from the activities of speculators who might want to capitalise on the increase in demand for foreign exchange at this time to make brisk gains.

While noting that the CBN had sufficient foreign exchange to meet genuine needs, Okorafor cautioned dealers against speculation, warning that they stood to lose much if they chose to hoard currencies in anticipation of a spike and a depreciation in the value of the naira.

It will be recalled that the CBN on Wednesday, May 23, 2018, frowned at the action of some banks that reportedly refused to sell forex to customers requiring the currency for the purpose of pilgrimage or Personal and Business Travel Allowance (PTA/BTA).

Source News Express

Posted 25/05/2018 12:11:22 AM

 

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


 

CLASSIFIED ADS

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

 

You may also like...
Expect morning showers in coastal cities, cloudy weather...

Breakaway Catholic group accuses Pope of spreading errors...

FG appoints transaction parties for execution of Eurobond...

Swapped prisoners: Salkida, Boko Haram out for mischief,...

Adesina calls for immediate action over deepening crisis...

Gunmen kill 2 varsity students

Varsity students neck-deep in debt after diverting school...

CBN injects $210m into forex market

Breaking News: World diplomats to honour Ex-President Jonathan...

Judge orders DSS to defend self over attack...

No crisis in Kuje Prison, says Controller

Military seeks Review of Armed Forces Law

 

Latest News Gunmen abduct, gang-rape 5 activists at gunpoint UPDATE: DSS Operatives storm Senator Abaribe's Abuja home 9 Shiite members in police net over killing of policeman Judge’s withdrawal stalls Innoson’s arraignment 2 siblings docked over alleged kidnap of 3-year-old boy Police lied; we didn’t attack anyone — Islamic Movement of Nigeria 14 docked for cultism, arms possession in Ogun Oyo Govt seals 50 companies over non-payment of tax Court refuses to order forfeiture of funds in accounts without BVN Don’t allow politicians to use you, CJN advises judges Buhari salutes Super Eagles over their victory against Iceland, urges them to defeat Argentina Atiku visits PDP Secretariat, reiterate commitment towards a better Nigeria

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,645 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,243 views) Shameless Genevieve Nnaji exposes breasts in public (280,604 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,366 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,243 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,065 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,033 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,181 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,046 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,818 views) Lagos plane crash: Journalist releases victims’ names (144,019 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,801 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,263) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (505) Features (607) Global Business Monitor (284) International (2,047) Interview (155) Live Commentary (28) Love Matters (124) News (36,411) Opinion (1,005) Pidgin (10) Politics (5,304) Religion (772) Sports (1,557) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Argentina vs Croatia Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement