GTB 737 banner Yudala banner

Naira continues recovery as CBN disburses $221.37m forex

By News Express on 27/02/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 762

•CBN Governor Godwin Emefiele.
•CBN Governor Godwin Emefiele.

The Central Bank of Nigeria (CBN) has sold $221.37 million to 16 banks through the interbank foreign exchange (forex) market, according to the apex bank’s Forex Forward Sales Report on the second wholesale intervention, obtained in Abuja on Sunday.

The move was to enable the banks meet demand for Basic Transport Allowance (BTA), school fees and medicals by customers and to ease the stress of genuine customers in obtaining foreign currencies.

The report showed that 10 banks accessed $162.8 million at a qualified bid for the United States dollars, ranging from N330 to N360 per dollar on a 30-day tenure that it will mature on March 27, 2017.

“For the 60 days tenure, six banks qualified to access $58.52 million with bids for the United States dollars ranging from N315 to N320.5 per dollar meant to mature on March 25, 2017.

“CBN recently unveiled a new policy action to make forex readily available for personal and business travels, medicals and school fees,” the report said.

It also showed that CBN injected $370.9 million into the interbank market, through forward sales to 23 banks at a qualified bid ranging from N315 to N360 per dollar.

The report further showed that the apex bank made spot sales of $6 million to four banks and sold 35 million for the payment of school fees, medicals and BTA.

About 24 hours after the announcement of the new policy, the naira firmed up at the black market from about N520 to a dollar down to the current exchange rate of N440 to a dollar as at Sunday.

Market analysts believe that the dollar will continue to fall until it stabilises at an average exchange rate of about N400 to a dollar.

Emmanuel Ukeje, the Special Adviser to CBN Governor on Financial Markets, said the new foreign exchange policy would help strengthen the value of naira in the market.

Mr. Ukeje further said that to make foreign exchange readily accessible to customers, CBN had also eliminated stiff conditions in applying for BTA in banks.

“The central bank has waved tax clearance provision in accessing these funds, however, your journey must originate from Nigeria.

“You cannot leave overseas and buy BTA to travel. You must have a valid ticket to travel with and a bank account as well as BVN to be recognised as a bank account holder.

“A person is entitled to basic travelling allowance every quarter and not more than 4,000 dollars and it is only those who are 18 years and above that can access it,” he said.

•Adapted from a NAN report.

Source News Express

Posted 27/02/2017 1:46:32 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
SABMiller launches empowerment scheme for South East youths...

Dangote emerges the only black billionaire among the...

CAF endorses candidate for FIFA presidential election

Five years after, memories of Komolafe, Baba DHL,...

Expect plenty sunshine today in the North, thundery...

Cash smugglers forfeit $5.5 million to FG

Ebonyi varsity VC, other principal officers sacked

National Human Rights Commission writes UNAAB over whistleblowers...

Okorocha surrenders, may recall sacked LG chairmen

Treat Niger Delta militants like terrorists —Rights group...

DR Congo must arrest Sudanese President Omar Al-Bashir...

Trump attacks London Mayor over terrorist strike

 

Latest News The evils of Anambra SARS: Untold story of the Ezu River police killings NDDC cancels 600 contracts Osinbajo, APC governors in closed-door meeting One killed as soldiers, youths clash over pipeline surveillance contract Enugu Assembly confirms Ugwuanyi’s commissioner nominees, passes Education Bill into law World Bank to spend $495m on irrigation projects in Nigeria Delta Govt. pledges to partner private sector to develop agricultural potentials Ebonyi Govt. to relocate Abakaliki main market PDP Reconciliation Committee holds valedictory session Anambra Guber: UPP form goes for N5m Why we set up Edo Library Review Committee: Obaseki Appeal Court frees Ex-Governor Ngilari

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (265,986 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (246,759 views) Shameless Genevieve Nnaji exposes breasts in public (201,161 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (172,217 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (168,989 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (150,891 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (130,564 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (123,362 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (115,100 views) Lagos plane crash: Journalist releases victims’ names (107,264 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (106,954 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (99,580 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,631) Business Verdict (18) Columnists (714) Complaints & Requests (92) Enterprise & Opportunities (164) Entertainment (343) Features (470) Global Business Monitor (163) International (1,457) Interviews (126) Live Commentary (28) Love Matters (63) News (26,631) Opinion (755) Pidgin (8) Politics (3,806) Religion (579) Sports (1,287) Stock Watch (20) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!