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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.

Read Also:

  • Para-Military Agencies Get 12-Month Deadline to Deliver Reforms
  • Erasmus Ikhide Narrowly Escapes Death in Collision with Dangote Truck
  • Troops Sustain Offensive Against Bandits, Eliminate Scores in North West, North Central Regions

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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Para-Military Agencies Get 12-Month Deadline to Deliver ReformsErasmus Ikhide Narrowly Escapes Death in Collision with Dangote TruckTroops Sustain Offensive Against Bandits, Eliminate Scores in North West, North Central RegionsFCT Police Arrest 10 Suspected Drug Dealers, Recover Drugs, Kidnapping ProceedsSecurity Forces Bust Child Trafficking Syndicate, Arrest 5 Suspects in A'IbomPHOTOS: Bauchi Constituents Rally APC to Draft Senator Buba for 2027 Governorship RacePantami Foundation Pays Outstanding Fees for Gombe Students at BUKCDS Musa Launches Operation Enduring Peace, Tasks Troops to ‘Win Peace, Not Just War’TRAVELOGUE: Kaduna Almajiris and A Parley Inside Arewa Forum's House By Lawal Dahiru MammanOHCSF Celebrates 57 Retirees for Exemplary Service and DedicationAlake Orders Mining Marshals to Seal Illegal Gold Mining Site in GwagwaladaPolice Rescue Abducted Senior Officer in Sokoto, Arrested UNILAG Lecturer Over Rape AllegationFG Inaugurates Boards, Management Teams of Three Regional Development CommissionsNAF Reaffirms Commitment to Civilian Protection, International Humanitarian LawTroops Repel Bandit Attack on Military Base, Eliminate Scores in Niger
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