Business
CBN consolidates market stability with $195m
By Chioma Obinagwam
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.
The apex Banks 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.
Recall 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.
-
Featured5 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Featured5 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Latest1 week agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Business7 days agoPresident Tinubu and the Low Transport Fares Fiasco
-
Business1 week agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Business5 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party
-
Business3 days agoNaira faces exchange rate gap as Dollar hits N1,380 on parallel market
-
Latest7 days agoGlobal excitement builds as Healing Streams Live Services returns October 23