NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

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

By News Express on 19/04/2017

Gmail icon

Views: 1,127

•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

 

 

CLASSIFIED ADS

 

You may also like...
Man remanded for beating wife to death over...

FG gives Lagos Govt. green light to reconstruct...

Elections should enrich and not dehumanise Ogoni people,...

Rivers apologises for nominating Wike as minister, laments...

Illegal Detention: Judge orders Dasuki’s trial in absentia...

Corporate folk hero Lee Iacocca is dead

Fuel scarcity: FRSC warns against carrying petrol in...

Implement new minimum wage or risk rebellion —...

APC National Convention: Gov. Sani-Bello optimistic of peaceful,...

Allied forces invade Sambisa forest, scores of insurgents...

Ondo Speaker, Deputy reinstated 24 hours after impeachment...

Data saving KairosWebTV launches in Nigeria, set to...

 

Latest News BREAKING: Robbers attack commercial bank in Ekiti, blows up entrance with dynamite Rotary Club laments high rate of STIs, unsafe abortions, unwanted pregnancy Kogi, Bayelsa Polls: HURIWA berates Police for compromising citizens’ security •Wants media blackout for DSS Youth strategic to the Nigerian Project — Dare Child Protection Network enjoins children to shun bullying, cultism in schools Lawyer shot dead in court APC NEC meeting: Protesters demand Oshiomhole’s immediate sack Justice Nwosu-Iheme: How ‘Uniformed Policemen’ abducted me, killed my orderly in Benin City Rivers serial killer makes U-Turn, denies being guilty Sanusi floors Ganduje as court dissolves other Kano emirate councils Gunmen attack commissioner, kill driver Judge stops proceedings as Maina bleeds in court during trial

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (564,403 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (453,082 views) Shameless Genevieve Nnaji exposes breasts in public (402,384 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (336,890 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,402 views) 10 cars more expensive than Jets (283,100 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,359 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,614 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (239,133 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,568 views) Lagos plane crash: Journalist releases victims’ names (201,909 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,566 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,580) Business Verdict (87) Columnists (1,147) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (708) Features (845) Global Business Monitor (493) ICT Monitor (68) International (4,228) Interview (212) Live Commentary (30) Love Matters (176) Maggie's Blog (490) News (54,231) Opinion (1,424) Pidgin (17) Politics (11,786) Religion (1,122) Sports (2,230) Stock Watch (40) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera