Fidelity bank banner Bayelsa State banner
CBN sells $100m to SMEs •May open window for dividend remittances

By News Express on 12/04/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 740

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

Small and Medium Enterprises (SMEs) in the country involved in the importation of critical and eligible finished and semi-finished goods can now heave a sigh of relief as the Central Bank of Nigeria (CBN) on Tuesday, made spot sales totaling $100 million to interested SMEs through its newly opened Forex window for small scale importers.

Also on Tuesday, the CBN released its results of 7 – 30 days forwards wholesale of $100million, even as authorised dealers subscribed fully to the $100 million offered by the CBN at the forex auction in the interbank wholesale window on Monday, April 10, 2017.

CBN Acting Director, Corporate Communications, Isaac Okorafor, disclosed these in a chat with newsmen, saying that the new window for SMEs provides small scale importers an avenue to source forex to boost their respective businesses through the importation of eligible finished and semi-finished items. He, however, restated that no SME will be allowed to transact more than $20,000 per quarter.

Some authoritative sources at the CBN have also hinted that in an attempt to boost forex supply, the CBN will soon not only begin spot forex auction sales, but also open a special window for investors to trade freely for certain eligible transactions particularly dividends and investment remittances .

There have been doubts over the ability of the apex bank to sustain the current rate of liquidity in the market. Some experts have, however, pointed out that going by the current level of reserves, the accretion from oil revenues and the subdued level of demand, the CBN has the capacity to sustain supply even if it has to keep doing so for the next three months. They pointed out that last September, the Bank survived with a reserve level as low as $24bn, reasoning that the gap between that and current levels stands at over $6bn, an amount that can sustain the market for a long time, coupled with ongoing steady accretion from global oil prices.

Source News Express

Posted 12/04/2017 01:31:26 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Apollo Hospitals, Sanofi partner on diabetes management

5 killed, 2 abducted as cult war rocks...

Messi’s name saves Argentine from kidnappers in Nigeria...

Fashola signs N489.69bn budget into law

‘Rebel lawmakers to impeach Amaechi during early morning...

We have no role to play in Dino...

2015: APC guber candidates emerge •How Ambode, Tambuwal,...

Post-UTME: 12,904 candidates jostle for 2,260 slots in...

Plateau imposes curfew on troubled LGA

Buhari administers polio vaccines on children

Nigerian woman described as “Devout Christian” killed in...

Here comes JOBS FOR ALL NIGERIAN FIRST CLASS...

 

Latest News Another Okorocha in-law joins Imo governorship race •Refuses to step down for Uche Nwosu Ngige dares Oshiomole, spurns ultimatum APC’s juicy carrots won’t stop our defection ― R-APC Spokesman Tension at Nigerian Law School over alleged blasphemy •Angry Muslim students threaten to lynch suspect PDP summons emergency National Executive Council meeting Islamic clerics, monarchs worship in Kaduna church 2019 elections: Saraki as a big factor 323 FG agencies fail to submit 2016 financial report ―Auditor General of Federation Osun PDP Guber: Ogunbiyi moves to upturn Adeleke’s victory Lagos task force clears container trucks from blocked roads Buhari not worthy of addressing ICC -- IPOB •Flays refusal to release El-Zakzaki, Dasuki despite court orders MOSOP berates Kachikwu over Petrol Service Station offer to Ogoni

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (364,264 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,587 views) Shameless Genevieve Nnaji exposes breasts in public (287,994 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (236,281 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,759 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (213,178 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (187,348 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (169,348 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,729 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,540 views) Lagos plane crash: Journalist releases victims’ names (148,340 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,351 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,365) Business Verdict (48) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (617) Global Business Monitor (286) International (2,163) Interview (159) Live Commentary (28) Love Matters (127) News (37,379) Opinion (1,027) Pidgin (10) Politics (5,662) Religion (790) Sports (1,614) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement