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Home Economy CBN supply crashes dollar to N376 in Black Market
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CBN supply crashes dollar to N376 in Black Market

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Prnigeria
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April 20, 2017
CBN
CBN

CBN
CBN

CBN supply crashes dollar to N376 in Black Market

The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, April 20, 2017, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano, following interventions by the Central Bank of Nigeria (CBN).

A market survey revealed that the Naira, which sold at over N405 to $1 as of Monday this week, recorded a boost.

There were indications that the appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.

According to a source at the apex Bank, the Naira to dollar is expected to appreciate further when the BDCs receive another tranche of $20,000 purchases from the CBN today, April 20, 2017.

It will be recalled that the CBN in its bid to sustain supply of liquidity to the foreign exchange market, made special interventions by simplifying the documentation process for the SMEs to enable them import eligible items and also increased both the amount and number of sales to the BDCs.

 

 

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"No Pay, No Work": ASUU Orders Members to Commence Nationwide StrikeFrom Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa IlallahNPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in AlgeriaNigeria Customs Takes Anti-Money Laundering Fight to the SkiesWhat Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat IbrahimPolice Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists
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