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Home Economy FOREX: CBN consolidates market stability with $195m
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FOREX: CBN consolidates market stability with $195m

By
Prnigeria
-
October 23, 2017
CBN
CBN

FOREX: CBN consolidates market stability with $195m

The Central Bank of Nigeria (CBN) on Monday, October 23, 2017, injected the sum of $195million into the inter-bank Foreign Exchange Market.

Figures obtained from the Bank indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $45 million.

Read Also:

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  • Customs Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDAC

The apex Bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, confirmed the figures, saying that the Bank was confident that the level of transparency it had entrenched in the market would help the Naira to sustain its steady run against the dollar and other major currencies around the world.

According to him, “the market will remain very stable as long as every player sticks to the forex guidelines.”

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $195 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, October 23, 2017.

by PRNigeria

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Local Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir AhmadRat Story Was a Smokescreen to Divert Attention from Buhari’s Health - Garba Shehu RevealsNigeria's Second Chance at a Global Cashless Future By Fatimah Yusuf UsmanAir Chief Rallies New Intelligence Officers for Proactive Security ResponseCustoms, NAFDAC Activate MoU to Fight Substandard Products By Abdullah MaiwadaNELFUND Resumes Monthly Upkeep Payments, Credits Over 3,600 StudentsNNPCL Must Account for ‘Unreconciled’ N210tr in Financial Statements - Senate InsistsPresidency Debunks Misleading Reports on VP Shettima’s Remarks at Book LaunchPolice Arrest, Repatriate Chinese Fugitive Wanted for Tax FraudMurder of Wedding Guests: Plateau Court Remands 20 Suspects
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