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

Breaking: CBN moves to rescue naira, closes 2 foreign exchange windows

By News Express on 18/02/2015

Gmail icon

Views: 4,033


The Central Bank of Nigeria has announced the immediate closure of two foreign exchange windows as part of efforts to save the country’s currency, the naira. CBN Director, Corporate Communications Department, Ibrahim Mu’azu, said this afternoon that the Retail Dutch Auction System (rDAS) and Wholesale Dutch Auction System (wDAS) windows stand shut, leaving the Interbank Foreign Exchange Market as the only way to source foreign exchange forthwith.

Mu’azu said in a statement issued in Abuja and made available to News Express by e-mail:   

“The managed float exchange rate regime, which the Bank had adopted following the liberalisation of the foreign exchange market, has for the most part been successful in ensuring exchange rate stability in line with its mandate.

“In recent times, however, with the sharp decline in global oil prices and the resultant fall in the country’s foreign exchange earnings, the Bank has observed a widening margin between the rates in the interbank and the rDAS window, thus engendering undesirable practices including round-tripping, speculative demand, rent-seeking, spurious demand, and inefficient use of scarce foreign exchange resources by economic agents. This has continued to put pressure on the nation’s foreign exchange reserves with no visible economic benefits to the productive sector of the economy and the general public.

“In view of the foregoing, it has become imperative that appropriate actions be taken to avert the emergence of a multiple exchange rate regime and preserve the country’s foreign exchange reserves. Consequently, we wish to inform all authorized dealers and the general public that, with effect from the date of this press release, the rDAS/wDAS foreign exchange window at the CBN is hereby closed. Henceforth, all demand for foreign exchange should be channeled to the INTERBANK FOREIGN EXCHANGE MARKET.

“For the avoidance of doubt, all authorized dealers and the general public should note that the CBN will continue to intervene in the interbank foreign exchange market to meet genuine/legitimate demands.”

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

Posted 18/02/2015 3:14:48 PM

 

 

CLASSIFIED ADS

 

You may also like...
Sanusi tasks governors on drug abuse

Defection of APGA lawmakers worrisome, says Peter Obi...

Convention Symposium reveals how to make marriage work,...

Information Minister Labaran Maku a serial blackmailer —Lagos...

Oil workers threaten fresh strike

Court dissolves week-old marriage over size of husband's...

Nigerian emerges vice-chairman Int’l Advisory Board of American...

Heads to roll over $9bn judgment against Nigeria...

BREAKING: Anambra State Speaker impeached

FG announces border closure

Kano killings: TENSION HIGH IN IGBOLAND

Wike won’t last more than 4 months as...

 

Latest News The imperative of “people’s manifesto”, By Edwin Madunagu 30 missing INEC staff in Kogi rescued Kogi election: PDP agent rejects results Kogi election: Collation officer presents N50k bribe offered by politicians INEC limits media access to Bayelsa election collation centre APC to PDP: Don’t think of causing trouble in Kogi SDP’s Natasha Akpoti calls for cancellation of election in Kogi Central, Lokoja Two planes collide at Frankfurt airport Criticism can’t stop declaration of Rivers as Christian State, says Wike Governments that disobey court orders are irresponsible - Tsav Bayelsa/Kogi: INEC condemns violence, assures fair conclusion We will reject Hate Speech Bill in the senate – Ekwunife

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (563,131 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (452,463 views) Shameless Genevieve Nnaji exposes breasts in public (401,630 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (335,958 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (303,792 views) 10 cars more expensive than Jets (281,486 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (258,867 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,111 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,650 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,027 views) Lagos plane crash: Journalist releases victims’ names (201,528 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,180 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (109) Business & Economy (4,574) Business Verdict (86) Columnists (1,144) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (704) Features (845) Global Business Monitor (493) ICT Monitor (67) International (4,216) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (486) News (54,049) Opinion (1,420) Pidgin (17) Politics (11,756) Religion (1,120) Sports (2,226) 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