Fidelity bank card banner Camano banner
CBN pumps $349.34m into Forex Market

By News Express on 05/05/2018

Views: 1,047

•CBN Governor, Godwin Emefiele
•CBN Governor, Godwin Emefiele

 

The Central Bank of Nigeria (CBN), in its last intervention for the week, has injected the total sum of $349.34 million in the Retail Secondary Market Intervention Sales (SMIS) segment of the Forex market. 

Figures obtained from the CBN on Friday, May 4, 2018, indicated that the interventions were meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, who confirmed the releases, reiterated that the Bank continued to intervene in the foreign exchange market owing mainly to its commitment to guarantee liquidity in the foreign exchange market and boost the production sector.

According to Okorafor, the continued interventions by the CBN in the forex market in addition to the recent currency swap with the People’s Bank of China (PBoC) would ease pressure on the country’s reserves.

He expressed confidence that the 16 Billion Renminbi (RMB) 16 billion ($2.5bn) deal would provide adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, stressing that the deal would protect Nigerian businessmen and women from the harsh effects of third currency fluctuations.

Speaking further, he explained that the Bank, in injecting funds into the market, was playing its role of safeguarding the international value of the legal tender currency through exchange rate stability. He said the Bank was also committed to diversifying the Nigerian economy from oil.

The Central Bank of Nigeria in its last SMIS injected the sum of $339.89, while also intervening in the Inter-bank Foreign Exchange Market to the tune of $210,000,000, comprising $100million for the wholesale segment and $55 million for both the Small and Medium Enterprises (SMEs) and invisibles segment on Wednesday, May 2, 2018.

Source News Express

Posted 05/05/2018 12:27:15 AM

 

 

CLASSIFIED ADS

 

You may also like...
Rivers apologises for nominating Wike as minister, laments...

Ohanaeze deceiving Buhari, Atiku, can’t influence Igbo voting:...

Pro-Biafra protesters lock down Aba

BREAKING NEWS: Oil workers call off strike •Union...

Dickson receives Ese Oruru, orders prosecution of abductors...

Naira crashes again against Dollar, Pound and Euro...

Anambra royal fathers call for abolition of Osu...

Breaking: Oronto Douglas succumbs to cancer, dies at...

Collapse of Saudi Arabia inevitable

Stop tormenting political opponents with EFCC, HURIWA tells...

3 die during church deliverance service in Delta...

Group raises the alarm over campaign of calumny...

 

Latest News Four policemen dead in bomb attack, six others wounded Why we got into trouble in 2019 elections — Nigerian Army Many feared dead as herdsmen attack Jalingo Disagreement stops inauguration of Edo Assembly Banditry: Zamfara Governor meets security experts in Dubai Group lambasts EFCC, Nigeria Prison Service over escape of convicted police pension thief LASTMA goes tough, begins N200,000 penalty regime Kwara Poly staff, students protest appointment of Rector, Registrar Your second term is for a purpose, Bishop tells Fayemi Guber election: Kogi East elders reject Wada, Idris; prune aspirants from 40 to six Ganduje orders probe of missing N6.8m allegedly swallowed by gorilla Lagos Police raid cultists’ hideouts; arrest 39, recover dangerous firearms

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,337 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,427 views) Shameless Genevieve Nnaji exposes breasts in public (365,220 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (311,860 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,154 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (243,941 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (233,890 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,808 views) 10 cars more expensive than Jets (212,556 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,382 views) Lagos plane crash: Journalist releases victims’ names (184,472 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,810 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,308) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (761) Global Business Monitor (379) ICT Monitor (53) International (3,596) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,430) Opinion (1,260) Pidgin (17) Politics (11,024) Religion (1,022) Sports (2,043) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera