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Home Economy FOREX: Again CBN opens week with $195m intervention
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FOREX: Again CBN opens week with $195m intervention

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Prnigeria
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July 31, 2017
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CBN
CBN

FOREX: CBN opens week with $195m intervention
The Central Bank of Nigeria (CBN) on Monday, July 31, 2017, offered $100 million in wholesale auction at the inter-bank Foreign Exchange market and intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million, respectively.

Confirming the figures, the CBN Acting Director, Corporate Communications, Isaac Okorafor reiterated that the Bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

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Monday’s sale follows the major intervention, last Friday, to the tune of $462,336,426.74, comprising $267,336,426.74 for the Retail Secondary Market Intervention Sales (SMIS), $100,000,000 for wholesale interventions, $50,000,000 for the SMEs forex window and $45,000,000 for invisibles.

Okorafor had said last week that the CBN leadership was quite impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country.

He said the CBN would not continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau-de-Change segments of the market, even as he assured proper surveillance of the forex market to guarantee transparency in the sale of foreign exchange.

Mr. Okorafor also encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands for foreign exchange within the time frame stipulated by the CBN.

Meanwhile, the naira hovered at between N360 and N362/$1 in the BDC segment of the market on Monday, July 31, 2017.

By PRNigeria

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Over 60 Bodies Recovered as Army, NAF Pound Bandits in Zamfara ForestAgain, Police Extend Tinted Glass Permit Enforcement Deadline to October 2Customs Intercepts 16 Containers Loaded with N10bn Worth of Firearms, Fake Drugs,Other Contraband in LagosNCoS Blames States Over Detention of Minors in Adult Prisons, Urges Revival of Remand HomesDSS Arraigns Five Suspects Over 2022 Owo Catholic Church AttackArmy Neutralise 2 Terrorists, Recover Weapons in Zamfara, KebbiMilitary Eliminates Over 100 Bandits in Zamfara OperationArmy Commences Senior Staff Course Exams for 260 OfficersKogi, Kaduna, Benue Lead as Over 1.9 Million Apply for Civil Defence, Correctional, Immigration, Fire Service JobsRibadu’s Quiet Revolution By Jude ObiohaAnambra Police Nab Suspected Armed Robber, Recover Stolen Car Linked to Separatist GroupABU Alumni Mourn Professor Okello Oculi, Pledge to Preserve His Pan-African LegacyA Nigerian-American Voice for Accountability By Fatima Ikram AbubakarAir Chief: Security Is Key to Nigeria’s DevelopmentPolice Secure Conviction of 21 Foreign Nationals Cybercriminals
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