Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Prison Break Leaves 25 Dead, 200 On The...
COVID-19: Lagos extends work-from-home directive by four weeks
COVID-19:UK Vaccinates Over 20 Million People
stock-market-in-reverse-mode-loses-n1-36trn-in-february
I don’t want the COVID-19 vaccine – Blake
Don’t stop your wards from schooling- Niger Govt
FG to crash price of petroleum products
Senator Ekwunife empowers women in Anambra
Zamfara schoolgirls kidnap: Buhari’s government has failed Nigeria...
Kwara announces cutoffs for teaching job applicants
AbdulRazaq to set a new record in good...
Kwara vaccinates children, women against tetanus
KW-IRS partners MDAs for enhanced revenue generation
UK Supreme court reject ISIS bride, Shamima Begum
Kwara approves use of hijab in schools

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
Business & EconomyNews

CBN boosts Forex with additional $142m

written by Taiwo Adediran July 11, 2017
CBN boosts Forex with additional $142m
Suspicion worsens dollar scarcity
CBN injects additional dollars into Forex market

The Central Bank of Nigeria (CBN) has injected $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with $254.3 million.

The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said on Monday that CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.

A breakdown of Monday’s intervention indicates that the Bank offered $100 million to dealers in the wholesale segment, while it allocated $23 million to the Small and Medium Enterprises (SMEs) segment.

Also, for those requiring foreign exchange for invisibles such as tuition fees, medical payments, business and personal travel allowances received $19.5 million.

Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of Forex.

According to him, the Bank has mandated dealers to make public their forex utilisation.

He, therefore, urged all stakeholders to continually play their roles to guarantee transparency in the market.

The CBN last Friday intervened in the retail segment of the forex market to the tune of $254.3 million following bids received from forex dealers by the apex Bank.

The figure sold by the Bank was for companies in the raw materials, agricultural, airline and petroleum industry.

Meanwhile, the naira maintained its stand at the Bureau de Change (BDC) segment of the forex market, exchanging at an average of N364 to a dollar in Abuja.

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Taiwo Adediran

previous post
Sen. Melaye in trouble, recall process continues
next post
AEDC boosts electricity supply to FCT

You may also like

Bandits block Lagos-Ibadan Road, kidnap CMD’s son, two...

July 24, 2019

YIAGA Africa- We’ll expose manipulation against polling unit...

September 18, 2020

Just In: Emir of Rano dies at 75

May 2, 2020

Akeredolu Denies sacking six hundred Local government workers

June 7, 2017

Federal Government knocks Cameroonian government over deportation of...

March 7, 2019

Former PDP Chairman, Akogun Oyedepo says he can...

November 13, 2018

Kwara Polytechnic expels eight students over examination malpractice

September 20, 2019

Kwara flags off meningitis vaccination, admonishes mothers, caregivers...

September 24, 2019

Presidency denies plans to arrest Onnoghen, and other...

January 19, 2019

JAMB: 85,000 candidates get second chance for UTME

June 21, 2017

Leave a Comment Cancel Reply

Facebook
  • Elon Musk toppled as world richest man, loses $15 billion

    February 23, 2021
  • Davido named among world most influential people by TIME Magazine

    February 18, 2021
  • Why I married Tonto Dikeh’s ex-husband – Rosy Meurer

    February 18, 2021
  • Tessica Brown to donate $20K of Her GoFundMe Money to reconstructive surgery Organization

    February 16, 2021
  • Nigerian gospel singer Sinach releases new single ‘Greatest Lord’

    February 15, 2021
  • I don’t want the COVID-19 vaccine – Blake

    March 1, 2021
  • Kidnapped United FC driver regains freedom

    February 25, 2021
  • Liverpool goalkeeper father found dead

    February 25, 2021
  • Osimhen rejoins Napoli teammates after head trauma

    February 23, 2021
  • Osaka ends Serena’s 24th Grand Slam quest

    February 18, 2021
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.