GTB 737 banner Yudala banner

CBN sustains liquidity in forex market; Disburses $280 million to SMEs, BDCs, invisibles

By News Express on 19/04/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 328

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

The Central Bank of Nigeria (CBN) on Tuesday underscored its determination to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market and the commencement of its weekly $20,000 sale to licensed Bureaux de Change. It also further announced the opening of bids for offering $100m wholesale 7-45 days forwards through the Deposit Money Banks (DMBs).

A breakdown of the intervention shows that invisibles such as Basic Travel Allowance, Personal Travel Allowance, medical bills and tuition received $80 million, while the Small and Medium Enterprises (SMEs) window received $100 million. Together with the wholesale bid auction, the Bank, on Tuesday, sold $280 million into the market.

The Bank’s spokesman, Isaac Okorafor, confirmed the releases, disclosing that the new window for SMEs would no doubt boost the business of SMEs through the importation of eligible finished and semi-finished items, thereby boosting FOREX supply to the retail business segment of the market.

Okorafor further explained that the CBN introduced the use of FORM Q for the SMEs, which requires just basic documentation, to ease their documentation challenges usually encountered by this category of businesses. He reiterated that SMEs are allowed to purchase $20,000 per quarter on this arrangement.

He restated that the new form, which must be completed by all SME applicants, requires the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer. According to him, eligible applicants must have operated their bank accounts for a minimum of six months.

On the sale of forex to BDCs, the Bank said the decision was taken to ensure that the high volume demand by low-end users are met promptly.

Meanwhile, with the intervention of the CBN in the various aspects of the market, analysts are of the view that the naira will strengthen against other major currencies of the world in the forex market this week and beyond.

While urging market participants to abide by the rules to ensure the preservation of our external reserves, stability of our financial system, and growth of our economy to the benefit of all Nigerians, the Bank’s spokesman warned that the CBN would neither tolerate unscrupulous actions nor hesitate to bring serious sanctions on offenders, be they banks or their staff.

 

Source News Express

Posted 19/04/2017 12:19:07 AM

 

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...
Chime enraged as Enugu federal lawmakers shun pro-Jonathan...

Chibok girls: Dogara challenges Nigeria’s leaders

Army to soon hand over liberated North-East communities...

Fire destroys MTN Warehouse

Insurgent Fulani herdsmen

Lagos 2015: Jimi Agbaje’s campaign gets major boost...

Avoiding the looming eclipse: 2015 elections and the...

World Humanitarian Day: Obaseki salutes aid workers, seeks...

IT WASN’T BOKO!: Police confirm Lagos explosion but...

Niger Delta militants surrender

Nigerian airports ready for Christmas

SWAN declares 3-Day mourning for Keshi

 

Latest News Corruption scandal rocks Nahco •EFCC battles Board, Management over cover-up attempt 7 local government areas in Borno still under Boko Haram control — APC chieftain 4 Police Officers in trouble over murder No going back on airports concession, says FG Address marginalisation of Igbo now, Senators, Reps tell Buhari Nigeria exited recession in Q2 of 2017 — Budget Ministry Court dismisses Diezani’s application seeking to be joined in $1.6bn oil scam suit Staff of defunct Nigerian Airways get N45bn Trump hosts Buhari, others Foreigners rush to buy Nigeria’s debt Okowa hails Keyamo, Ohwovoriole on elevation as SAN The Chinese Prince and the Starving Tigers

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (278,519 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (260,415 views) Shameless Genevieve Nnaji exposes breasts in public (211,498 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (177,650 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (176,714 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (158,333 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (136,707 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (126,765 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (120,285 views) Lagos plane crash: Journalist releases victims’ names (111,208 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (110,386 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (102,748 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (28) Business (2,695) Business Verdict (22) Columnists (742) Complaints & Requests (93) Enterprise & Opportunities (178) Entertainment (378) Features (487) Global Business Monitor (178) International (1,543) Interviews (129) Live Commentary (28) Love Matters (73) News (28,567) Opinion (809) Pidgin (8) Politics (3,935) Religion (627) Sports (1,322) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Manchester United vs Everton 4-0 All Goals & Extended Highlights

 

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!