Newsexpress place banner advert Yudala genuine products
Forex: Dollar to crash again as CBN floods market

By News Express on 27/02/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 777


In keeping with its determination to increase liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) on Monday released another $100m into the wholesale forwards segment of the market and pumped an additional $80m into the banks specifically for the settlement of dollar demand for school fees, medicals and Personal Travel Allowance (PTA), among others.

In a release by its spokesman, Isaac Okorafor, the apex bank said that its commitment to providing enough forex for legitimate business remains unshaken, reiterating that it would do “everything possible” to ensure the steady supply of forex to the market.

News Express reports that efforts by the CBN in making available large amounts of forex to the market have led to the appreciation of the Naira by over N85 in less than one week.
Some analysts say that the local currency may well be on a permanent journey to its natural value put by some analysts at less than N300 to the dollar.

CBN had maintained that much of the dollar demand had been a bubble created by speculators and hoarders of the greenback. On a radio programme on Monday the apex bank had warned market players and keepers of dollars to make hay and sell their holdings in order to avoid heavy losses.

Source News Express

Posted 27/02/2017 1:35:53 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

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!

 

You may also like...
Jos Magistrate slams N7, 000 fine on student...

Air Force bombers blast Boko Haram’s bunkers

You’re a toothless attack dog, not a lion...

US Army approves first female officers for ground...

Police, DSS bungle trial of Nyanya bombing mastermind...

5,000 Eckankar faithful converge in Uyo

Ahead Brazil 2014 World Cup: Ex-Super Eagles technical...

Delta Govt. introduces Resident Card . . ....

Rapper shot dead in hometown club

Operation Safer Skies: SOSNigeria faults Senator on the...

RIGHTSView: “FRANCIS EFFECTS” IN THE AGE OF MORAL...

Nigeria’s stolen $200bn in foreign banks: Ex-CBN chief...

 

Latest News Army nabs notorious mercenary, 12 other suspected criminals Group mobilises for bank boycott over new bank charges G9 demands for urgent disarming of Fulani herdsmen Bayelsa targets 7,000 temporary jobs from $50m World Bank development loan 3 students languish in prison over Boko Haram joke •Richard Branson, Amnesty, others intervene Military dismisses coup talk Senate challenges DISCOs over high electricity tariff. Groups accuse Obiano of discriminating against non-Catholics Senate moves to tackle increasing rape of minors FG to Kano Govt.: ‘Let the industrial estates boom again!’ Fuel Scarcity: Drivers protest in Ekiti, give oil marketers ultimatum Tax fraud: Spain’s Supreme Court confirms Messi’s jail sentence

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (246,144 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (222,707 views) Shameless Genevieve Nnaji exposes breasts in public (184,523 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (165,262 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (158,186 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (138,220 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (120,707 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (118,133 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (106,105 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (102,547 views) Lagos plane crash: Journalist releases victims’ names (101,222 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (95,465 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,561) Business Verdict (16) Columnists (682) Complaints & Requests (89) Enterprise & Opportunities (153) Entertainment (320) Features (443) Global Business Monitor (151) International (1,376) Interviews (122) Live Commentary (28) Love Matters (54) News (24,658) Opinion (717) Pidgin (8) Politics (3,699) Religion (532) Sports (1,264) Stock Watch (18) AMA & Al Jazeera Global Update

 

Words on marble

 

UBA Wise Savers Promo

 

There is no water shortage in the State of Osun

 

APO Newsbreak logo

 

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!

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!