CBN Continues Intervention In Forex Market

Forex
2732 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Tuesday, January 08, 2018 06:15 PM / CBN

 

The Central Bank of Nigeria (CBN) has continued its intervention in the inter-bank sector of the Foreign Exchange market by injecting another sum of $210 million into the forex market. 

In the forex trading on Tuesday, January 8, 2019, the CBN injected the sum of $100 million in the wholesale segment of the market in addition to the sum of $55 million each in the Small and Medium Enterprises (SMEs) and invisibles sectors. 

The Director, Corporate Communications Department, Isaac Okorafor, disclosed these on Tuesday and reiterated that the Bank was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there. 

Mr. Okorafor stressed that the CBN’s continued intervention was aimed at ensuring that the Bank meets the requests of genuine customers in the various windows of the market. 

On the Bank’s restriction of access to forex for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the clist. He disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy. 

Meanwhile, the United States Dollar at the rate of US$1 for N358 in the Bureau De Change (BDC) segment of the market on Tuesday, January 8, 2019.


Proshare Nigeria Pvt. Ltd.

 

Related News

1.       Forex: Nigeria’s Central Bank Makes First Intervention of 2019

2.      CBN Intervenes In FOREX Market

3.      MTN Nigeria Resolves Amicably Issues Relating to Foreign Exchange Remittances

4.      Nigeria's Central Bank Adds Fertilizer To Its List of Imports Items Classified as Not Valid For FX

5.      ICM To The Rescue For Reserves; Increased by US$170mn in November 2018 to US$42.17bn

6.      The Entrails of The CBN’s FX Supply

7.      CBN Introduces Special Intervention Of FOREX Cash Sales To BDC Operators Effective Dec 6, 2018

8.     Naira Succumbing To Speculative Pressures – N370 To A Dollar

9.      Forex: Central Bank of Nigeria Injects $210m in Wholesale Segment, Others

10.  Nigeria’s Central Bank Intervenes; Funds Forex Supply With $210m


 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP