The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement on Monday in Abuja, said 100 million dollars was offered as wholesale interventions and 50 million dollars was allocated to the Small and Medium Enterprises (SMEs) FOREX window.
He said that 40 million dollars was also allocated to accommodate customers requiring FOREX for business, Personal Travel Allowances, tuition and medical fees.
Okorafor said the Naira had made tremendous gain against the dollar in recent times.
For More:Visit Us at Uju Ayalogu's Blog
He said FOREX rates at both the inter-bank and BDC segments had almost converged, prompting even greater optimism that the value of the Naira would continue to spike.
Okorafor observed that by ensuring transparency in the market as well as fairness to end-users, the CBN had further exposed speculators and checkmated them.
He, therefore, urged all dealers, particularly licensed BDCs, to continue to play by the rule, adding that the CBN would not hesitate to wield the big stick against any erring bank or dealer.
Okorafor said that the CBN had also released new guidelines to further develop the foreign exchange market and improve its structure.
For More:Visit Us at Uju Ayalogu's Blog
“The new circular, among other provisions, allows authorised dealers to sell their excess foreign currency to other authorised dealers without seeking prior approval from the CBN,” he said.
Meanwhile the Naira continues to maintain its strong stand against major currencies around the globe, exchanging for N364 for one dollar in the BDC segment of the market on Monday. (NAN)
Read more at http://www.herald.ng/cbn-injects-190m-forex-market-opens-market/#07Gz3Ufrd8FKVVHS.99
Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984 Subscribe to Ujuayalogusblog.com News!
ALL RIGHTS RESERVED. 2015-2017 @ Uju Ayalogu's Blog NIGERIAN NEWS
For More:Visit Us at Uju Ayalogu's Blog
No comments:
Post a Comment