CBN sustains forex supply
By News Express on 10/03/2017
•CBN Ag. Director, Corporate Communications, Isaac Okorafor.
The Central Bank of Nigeria (CBN) on Thursday offered the sum of $100,000,000 as wholesale interventions, just as it sold about $70,000,000 to meet requests for Business/Personal Travel Allowances.
Disclosing this to newsmen yesterday, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said that the apex bank remained resolute in ensuring that it supplies enough forex to genuine customers of Deposit Money Banks and increase liquidity in the market.
Okorafor pointed out that the uniqueness of the Wholesale Forwards was that banks are allowed to use their winnings from auctions to fund matured obligations to meet Letters of Credit remittances, extinguish bills for collection and other foreign exchange (forex) demands.
With this development, importers who had hitherto been using bills for collection will now experience relief instead of having to patronise other more expensive sources.
It will be recalled that the CBN only on Tuesday, March 7, 2017 injected another sum of $100m into the interbank foreign exchange market in its resolve to ease the challenge of access to foreign exchange by genuine customers.
Thursday’s injection by the CBN takes the amount so far offered in the interbank forex market within the past few weeks to over $1.2 billion for both wholesale and retail interventions.
Source News Express
Posted 10/03/2017 08:26:38 AM
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...
APC chieftain Imo Isemin concedes defeat, congratulates Akwa...
APC registers 100,000 non-indigenes in Rivers, begins mobilisation...
Port Harcourt Refinery gets new MD
Obuah congratulates Etche, Omuma people for voting PDP,...
Pictured: Obama’s wife throws weight behind #BringBackOurGirls campaign...
Senate to publish names of persons who misappropriated...
Senate confirms INEC Chairman and all Commissioners
Mikel in dilemma as Chelsea exit looms
Non-release of looted funds affecting anti-graft war: Minister...
Sokoto promises to pay dowry for grooms of...
Government to launch new immigration regulation
Okonjo-Iweala blasts SERAP, dismisses allegation of mismanagement of...