CBN injects fresh $100 million into forex market as naira stands at N305.80

Date:

The Central Bank of Nigeria, CBN, on Thursday intervened in the inter-bank foreign exchange market for the fifth time in three weeks by offering $100 million for wholesale requests.

Thank you for reading this post, don't forget to subscribe!

Out of the total offering, CBN spokesperson, Isaac Okorafor, said about $70 million was sold to meet requests for business/personal travel allowances, BTA/PTA.

Since the commencement of the intervention exercises, the CBN said more customers of banks and other business people have been able to overcome the earlier difficulties they were facing in obtaining foreign exchange for their transactions.

Mr. Okorafor said the CBN was committed to sustain the tempo of foreign exchange supply to the interbank FOREX market and ensure liquidity.

“The Bank remains resolute in ensuring that it supplies enough FOREX to genuine customers of deposit money banks and increase liquidity in the market,” Mr. Okorafor said.

He said the uniqueness of the wholesale forwards was that banks were allowed to use their winnings from auctions to fund matured obligations to meet letters of credit remittances, extinguish bills for collection and other FOREX demands.

“With this development, importers who had hitherto been using bills for collection will now experience relief instead of having to patronize other more expensive sources,” the CBN spokesperson said.

Since the CBN started the intervention in the interbank market over $1.2 billion has been injected for both wholesale and retail interventions in the past few weeks.

The first intervention following the review of the FOREX policy more than three weeks ago was about $500 million, while about $270 million was injected in the second tranche of supply to the market.

Apart from another $367.13 million that supplied to the market in the third attempt to meet the requests of customers. It consisted about $144,073,753.07 for 45 days requests, while $223,060,576.86 was for 60 days.

The last intervention was on Tuesday, March 7, when about $100million was injected in the market.

The Naira on Thursday marginally appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reported.

The Nigerian currency gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar CBN controlled rate, while the Pound Sterling and the Euro closed at N550 and N500, respectively.

The Naira exchanged at N305.80 at the interbank market.

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading