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Central Bank of Nigeria

CBN boosts FX market with another $210m

COMFORT EKELEME

In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market.

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The Monetary Policy Committee of the Central Bank of Nigeria, CBN, on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.

CBN boosts FX market with another $210m

The inter-bank Foreign Exchange Market has received additional $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market. The injection of the fresh funds is part of CBN’s regular interventions at stabilizing the foreign exchange market.

Advocacy key to improved performance of manufacturing sector in Nigeria - MAN

President, Manufacturers Association of Nigeria (MAN) Dr. Frank Jacobs has said that the improved performance of the manufacturing sector is as a result of the intensity of its advocacy, resilience and ingenuity to drive economic rebound.

CBN spends $15.9bn on forex market interventions, says analyst

In continuation of its foreign exchange supply drive, the Central Bank of Nigeria (CBN) on Monday intervened in the interbank segment of the market to the tune of $195million.
Figures released by the bank show that it offered the total sum of $100million to the wholesale segment, while the small and medium enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

Confirming the figures obtained, the CBN acting Director at the Bank, Mr. Isaac Okorafor, said the CBN was pleased with the state of the forex market, adding that the bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

According to him, the bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

Speaking further, Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. He therefore advised stakeholders to abide by the guidelines to ensure transparency in the market.

The CBN last week intervened in the various segments of the forex market with the sum of $396.8 million.
But the naira continued to maintain its stability in the forex market, exchanging at an average of N364/$1 in the BDC segment of the market yesterday.

For a better society

The controversial haul of cash in local and foreign currencies recovered by the Economic and Financial Crimes Commission (EFCC) from a residential apartment at Osborne Towers, Ikoyi, Lagos, is part of the N57.2 billion released to the National Intelligence Agency (NIA) by the Nigerian government in February 2015, PREMIUM TIMES can report.

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