Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Forex: Inter-Bank Sector Gets $210m

Forex
2058 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

Wednesday, May 16, 2018 /08:02 AM / CBN 

In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, May 15, 2018, injected the sum of $210million into the inter-bank Foreign Exchange Market to boost liquidity in the system.  

The figures released by the Bank in Abuja indicate that it allocated the sum of $100million to dealers in the wholesale sector, just as the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million. 

Validating the releases, the Acting Director of Corporate Communications Department (CCD) at the Bank, Isaac Okorafor, said that the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market. 

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market. 

He reiterated that the Bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves. 

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday, May 15, 2018.

 

Proshare Nigeria Pvt. Ltd.

Related News

1.       FOREX Market Gets Additional $210m CBN Boost

2.      Nigeria’s Foreign Reserves Increased to $47.49bn in April 2018

3.      The Nigeria and China Currency Swap: How Much Room?

4.      CBN Injects $349.34m into Retail SMIS

5.      CBN Boosts FOREX Market With $210m

6.      Cessation Procedure For the Nigerian Foreign Exchange Fixing (NiFEX)

7.      Whither The Substantial Remittances?

8.     I and E Window: Taking Stock One Year After Formation

9.      CBN Continues Interventions in FOREX Market

10.  A Look At Current Financial Reporting Issues In Fcy Transactions

 

 

READ MORE:
Related News