CBN INJECTS $195M INTO FX MARKET

Figures released by the bank showed 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.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, 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.

Mr. Okorafor reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

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. It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million. Meanwhile, 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 on Tuesday, October 3, 2017.

Read more at: https://www.vanguardngr.com/2017/10/cbn-injects-195m-fx-market/

Comments

“IT'S BEN THREE YEARS SINCE I STARTED F**KING YOU ” – ANITA JOSEPH'S HUSBAND, MC FISH WRITS ON THEIR 3RD ANNIVERSARY

PEP GUARDIOLA AND LIONEL MESSI DONATE €1,000,000 EACH TO HELP FIGHT COVID-19

Manchester City football manager Pep Guardiola alongside Barcelona superstar Lionel Messi have each contributed a whooping €1million to help Spain and Argentina in the fight against the coronavirus pandemic. According to Spanish media reports, Guardiola sent the money (equivalent to his monthly wage at Manchester City) to Barcelona Medical College and the Angel Soler Daniel foundation, a foundation named after a doctor from Santpedor, the town in Barcelona Guardiola hails from. Guardiola made the financial pledge on Tuesday following an appeal by the foundation over the weekend as the Spanish government declared a state of emergency on Saturday in a bid to quell the coronavirus pandemic. Messi, the World's 2019 footballer of the year, made his own contribution after taking part in several campaigns to raise awareness over the past week, highlighting the importance of staying at home and washing hands to avoid the virus from spreading. According to Cat...

ABIA GOVT TAKE MADE IN ABA TO USA

As part of Governor Okezie Ikpeazu's campaign for promoting Made-in-Aba products, Abia State government and Abia State National Association, U.S.A. and North America, ASNA-NA,showcased the potentials and quality of Aba products to the international community during the association's national convention in New York City, USA. The event saw many designers, such as Chumar, and thousands of products shipped in from Aba on display, with models on the runway, adorning Aba-made designs. According to the Special Assistant to the Abia State Governor on Diaspora Matters, Mr. John Ndubuisi, all the outfits on display were sold out and orders placed, noting that Made-in-Aba designs will soon be competing in the American market. He added that with the clamour for restructuring, Abia State Government is working to grow the local economy, provide employment, empower skilled artisans and boost internally-generated revenue, stressing that Aba, dubbed The Japan of Africa for its entrepreneurial ...

9JATRAFFIC

Search This Blog