0 Shares 6 Views

Naira stable at $364/$ as CBN injects $195m

Jun 19, 2017
0 7

By Babajide Komolafe
The Central Bank of Nigeria (CBN) yesterday injected $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market.

Meanwhile, the naira remained stable at N364 per dollar in the parallel market yesterday due to weak demand for dollar.

<!– Vanguard responsive ad

(adsbygoogle = window.adsbygoogle || []).push({});
–>

Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor confirmed this development in a statement yesterday.

He said that the CBN offered $100 million to authorized dealers interbank wholesale window, while it allocated the $50 million to the Small and Medium Enterprises (SMEs) window.

The invisibles segment was allocated the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

He also announced a retail option submitted on Monday, adding that the results would be released subsequently.

READ ALSO:   4 damning accusations in Ibe Kachikwu's leaked letter to Buhari

Okoroafor added the CBN would continue to ensure adherence to its forex policy by insisting on transparency of all stakeholders to guarantee stability in the market.

It will be recalled that the CBN made two major interventions in the inter-bank Forex market, last week, totaling $831.5 million, just as figures released by the Apex Bank indicated that it had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.

Also last week, the CBN, in a bid to tackle inflation, unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum.

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N364/$1 in the BDC segment of the market on Monday, June 19, 2017.

You may be interested

Senate indicts former minister of finance Okonjo-Iweala over N1.7tn revenue loss
Headlines, News
0 shares5 views

Senate indicts former minister of finance Okonjo-Iweala over N1.7tn revenue loss

Flora Israel - Oct 24, 2017

- The Nigerian Senate faults former minister of finance, Ngozi Okonjo-Iweala for mandating agencies to remit only part of their revenue generated to…

Nigeria’s 82-year-old ambassador to United States may be rejected, US expert warns
Headlines, News
0 shares5 views

Nigeria’s 82-year-old ambassador to United States may be rejected, US expert warns

Flora Israel - Oct 24, 2017

- President Muhammadu Buhari's ambassadorial nominee to US may be rejected because of age- The nomination of the 82-year-old, Sylvanus Nsofor, raised a…

Judge’s absence stalls FG’s $406.8m suit against Shell
News
0 shares5 views

Judge’s absence stalls FG’s $406.8m suit against Shell

Webby - Oct 24, 2017

By Onozure Dania LAGOS—A Federal High Court in Lagos was yesterday, forced to adjourn continuation of hearing until November 15   in a suit…

Leave a Comment

Your email address will not be published.