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Home Economy CBN injects $195m into Forex market Ahead of MPC Decisions
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CBN injects $195m into Forex market Ahead of MPC Decisions

By
Prnigeria
-
July 24, 2017
CBN
CBN

CBN
CBN

CBN injects $195m into Forex market Ahead of MPC Decisions
…Offers $100m to Wholesale segment;
…SMEs window receives $50m boost;
…BTA, others get $45m

Ahead of the decisions of the Monetary Policy Committee (MPC) on Tuesday, July 25, 2017, the Central Bank of Nigeria (CBN) on Monday, July 24, 2017 boosted liquidity in various segments of the inter-bank foreign exchange market with the total of $195 million.

At Monday’s Forex trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $50,000,000 to the Small and Medium Enterprises (SMEs) forex window.

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The invisibles segment comprising Business/Personal Travel Allowances, tuition and medical fees, among others, received $45,000,000.

Confirming the figures, the Bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, said the Bank continued to intervene in the inter-bank sector in order to ensure adequate liquidity in the market.

According to him, the CBN Management was quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.

Mr. Okorafor expressed optimism that the Bank’s intervention had put a check on the activities of speculators, just as he underscored the determination of the CBN in sustaining stability in the forex market through thorough monitoring of authorised dealers in order to reduce incidences of sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363/$1 in the BDC segment of the market on Monday, July 24, 2017.

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Pantami Urges Presidential Rewards for Nigerian Teen, Nafisa Aminu Who Topped Global English CompetitionNIPR Lauds Customs’ Reputation Reforms, Announces Annual PR Officer AwardCustoms Unveils Reputation Handbook to Guide Officers’ Conduct, Rebrand AgencyAtiku, Obi and the ‘Confused Marriage’ Called ADCNigerian Army Launches New Welfare Initiatives for Retiring SoldiersCorrectional Service Elevates 30 Officers to Assistant Controller General RankAfter 21 Years, Gen. TY Danjuma Relaunches Union Dicon Salt to Revive Local IndustryKano Govt Receives Report on Commissioner's Alleged Role in Drug Baron's BailRivers Police Arrest Suspects in Lawyer's Murder, Recover WeaponsPolice Eliminate 8 Terrorists in Zamfara as Bandits Abduct 5 Residents, Rustle CattleTroops Intercept Illicit Logistics Bound for Cameroon, Uncovers, Destroys 14 IEDs in BornoWe are Here to Fix The Voice of Nigeria as A True Instrument of National Power – DG VONWhy Investments in Local Sugar Production is Profitable Now - NSDC BossKwankwaso, Northern Nigeria and the Politics of MarginalisationKemi Oomoale Badenough: A Liar By no Other Name by Chief Femi Fani-Kayode
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