Fidelity bank banner UBA banner
Naira set to appreciate ahead of heavy injection of forex by CBN

By News Express on 08/05/2017

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

Views: 618

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

Strong indications emerged over the weekend that the Central Bank of Nigeria (CBN) is set to inject more foreign exchange (forex) through intervention segments of the market, thereby heightening expectations that the naira will appreciate significantly during the week.

The expectations became rife following the inability of the authorised dealers to fully subscribe to various amounts offered by the apex bank on two consecutive times last week. Those two events alone sent jitters to currency speculators perceiving dollar glut as imminent in the market.

Laying credence to this development, CBN Spokesman, Isaac Okorafor, while exchanging views with newsmen over the weekend, confirmed the anticipated interventions in most segments of the market during the week, with effect from Monday, May 8, 2017.

According to him, the Bureau de Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments will also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.

Meanwhile, manufacturers have praised the CBN over the foreign exchange management strategy adopted recently.

The Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, was recently quoted as saying the “the recent pronouncement of the CBN comes as a relief. If the intervention is sustained, there’s no doubt that we will have continued improvement in sourcing raw materials.”

Only recently too, a foremost entrepreneur, Tony Elumelu, also lauded the foreign exchange regime noting that “the recent policy initiatives of the central bank under the watch of Godwin Emefiele had restored predictability, improved market confidence and significantly added a boost to the value of the national currency, fuelling optimism that the economy would soon rebound from recession.”

Source News Express

Posted 08/05/2017 12:35:45 AM

 

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


 

CLASSIFIED ADS

 

You may also like...
Defection: Why US, UK, Canadian embassies must revoke...

Lack of synergy, major cause of insecurity in...

MOSOP chiefs warn of imminent crisis in Ogoniland...

Buhari dissolves Board of NNPC with immediate effect...

State Governors responsible for hardship in Nigeria -...

NiMet predicts cloudy skies, rains, thunderstorms on Thursday...

Islamic Commission seeks AU intervention in Zakzaky’s case...

Boko Haram: Military warns media, assures Nigerians of...

Pastor Adeboye demands end to Benue killings

My husband will make Edo an investment haven...

Gas explosions rock Ghana

Army charges officers to be firm in handling...

 

Latest News FRSC job seeker collapses, dies Ex-president’s son detained over fraud CBN warns of another looming recession Osun election: PDP calls for resignation of INEC Chairman and Amina Zakari Bill Cosby sentenced to three to 10 years in jail for sexual assault PDP ready to wrest power from APC, says R-APC former National Chairman Buba Galadima Toni Kan and partner sell sabinews.com in landmark deal FG kick-starts 58th Independence Anniversary Celebration with photo exhibition PDP heading for self-destruction in Kogi East, youths warn Osun rerun: Fayemi leads APC leaders to Omisore’s residence Miracle in America: Paralysed people walk again Nigeria's population will hit 450 million by 2050 — International consultant

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,569 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,315 views) Shameless Genevieve Nnaji exposes breasts in public (309,171 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,031 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,795 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,859 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,515 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,059 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,133 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,600 views) Lagos plane crash: Journalist releases victims’ names (158,487 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,114 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,630) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,436) Interview (165) Live Commentary (28) Love Matters (144) News (39,151) Opinion (1,111) Pidgin (11) Politics (6,759) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement