Save Austin Fair Yudala banner
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: 1,117


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 8:35:53 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...
Buhari, Tinubu celebrate Dangote at 60

Amnesty chief unites ex-militants ahead of Osinbajo’s visit...

CNPP congratulates new VON DG, tasks him to...

Dasuki: ‘I am ready for trial to clear...

Conflicts force 25m children out of school

Komla Dumor: Heart attack that broke millions of...

Breaking news: Another APGA guber candidate emerges in...

El-Rufai accuses Governor Yero of squandermania

2015 Presidency: Clerics hail Osibajo’s choice as Buhari’s...

Obiano visits Buhari, vows to remain in APGA...

Fuel scarcity looms as marketers ration product

State of the nation: NEW PDP UNLEASHES 8-POINT...

 

Latest News Fidelity Bank pioneers tax payments, revenue collection with Instant Banking Solution NIMASA vows to fight piracy to the end PDP to decentralise power to states’ executives UN allocates $13.4m to support 1m suffering Nigerians Protesters shut down Abuja, call on Nigerians to support reformation of SARS 2019: Tinubu tackles Okorocha over mode of selection of APC presidential candidate NAF appoints Air Tactical Commander, sponsors training of female fighter pilot Anambra youths protest move to scrap SARS NSE market capitalisation loses N120b, amid sell pressure UEFA Champions League: Real Madrid draw formidable PSG, as Chelsea get FC Barcelona FG releases N1.2trn for 2017 capital expenditure Abia screens applicants for youth creation and employment programme

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,739 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,524 views) Shameless Genevieve Nnaji exposes breasts in public (230,349 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,302 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,361 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (169,978 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,127 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,476 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,530 views) Lagos plane crash: Journalist releases victims’ names (118,992 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,456 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,007 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,815) Business Verdict (27) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (192) International (1,686) Interviews (138) Live Commentary (28) Love Matters (92) News (30,944) Opinion (844) Pidgin (9) Politics (4,209) Religion (653) Sports (1,380) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

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!