Fidelity bank banner UBA banner
Breaking: CBN moves to rescue naira, closes 2 foreign exchange windows

By News Express on 18/02/2015

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

Views: 3,502


The Central Bank of Nigeria has announced the immediate closure of two foreign exchange windows as part of efforts to save the country’s currency, the naira. CBN Director, Corporate Communications Department, Ibrahim Mu’azu, said this afternoon that the Retail Dutch Auction System (rDAS) and Wholesale Dutch Auction System (wDAS) windows stand shut, leaving the Interbank Foreign Exchange Market as the only way to source foreign exchange forthwith.

Mu’azu said in a statement issued in Abuja and made available to News Express by e-mail:   

“The managed float exchange rate regime, which the Bank had adopted following the liberalisation of the foreign exchange market, has for the most part been successful in ensuring exchange rate stability in line with its mandate.

“In recent times, however, with the sharp decline in global oil prices and the resultant fall in the country’s foreign exchange earnings, the Bank has observed a widening margin between the rates in the interbank and the rDAS window, thus engendering undesirable practices including round-tripping, speculative demand, rent-seeking, spurious demand, and inefficient use of scarce foreign exchange resources by economic agents. This has continued to put pressure on the nation’s foreign exchange reserves with no visible economic benefits to the productive sector of the economy and the general public.

“In view of the foregoing, it has become imperative that appropriate actions be taken to avert the emergence of a multiple exchange rate regime and preserve the country’s foreign exchange reserves. Consequently, we wish to inform all authorized dealers and the general public that, with effect from the date of this press release, the rDAS/wDAS foreign exchange window at the CBN is hereby closed. Henceforth, all demand for foreign exchange should be channeled to the INTERBANK FOREIGN EXCHANGE MARKET.

“For the avoidance of doubt, all authorized dealers and the general public should note that the CBN will continue to intervene in the interbank foreign exchange market to meet genuine/legitimate demands.”

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

Posted 18/02/2015 3:14:48 PM

 

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


 

CLASSIFIED ADS

 

You may also like...
2016 budget: Experts task FG on proper utilisation...

Ondo workers protest non-payment of salaries

Ekeh to CNN: Govt. investment in ICT will...

Police raids MASSOB headquarters, vows to fish out...

Africa’s takeaway from the World Economic Forum

New PDP raises alarm over ALLEGED PLOT TO...

Explosion kills 10 in Russia’s metro train

We did not know that community where strange...

Proshare CEO advocates reform of CBN

NIMET predicts hazy weather for North today, sunny...

Buhari spits fire, warns herdsmen, bandits against attacks...

NCC reports decline in porting activities

 

Latest News 2019: Buhari floors Atiku in UK poll PDP loses all elections held on Saturday SERAP asks INEC to probe ‘campaign spending by Saraki, other contributions’ Atiku/Obi Advocacy Group flays Buhari over ‘despotic and totalitarian’ statement 2019: Don’t vote for any APGA candidate, Uwazuruike tells BIM-MASSOB members Nigerians want proper agenda not propaganda, Atiku tells Buhari Fire destroys 77 shops in Kano market 2019: The irony of a Buhari’s second term as campaign begins, By Rev. Fr. Evaristus Bassey Hypocrisy of Western countries on MTN $8.1 billion fine, by Femi Falana Unidentified gunmen kill Gov. Bello’s aide in Okene Crisis trails INEC listing of Imo SDP guber candidate Nigeria may become desert, NCF warns

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,025 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,433 views) Shameless Genevieve Nnaji exposes breasts in public (323,484 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (271,931 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,500 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,641 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,341 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,899 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,169 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,737 views) Lagos plane crash: Journalist releases victims’ names (165,303 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,162 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,798) Business Verdict (54) Columnists (964) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (567) Features (669) Global Business Monitor (310) International (2,694) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,637) Opinion (1,144) Pidgin (13) Politics (7,780) Religion (901) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera