Browsing: Foreign Exchange

The apex Bank offered the sum of $100 million to the wholesale window and intervened in the Small and Medium Enterprises segment with $50 million. 

A statement by the acting Director, Corporate Communications Department of the CBN, Isaac Okorafor, indicated that the apex Bank would continue to increase liquidity to meet genuine forex demand in the market

This is even as the Bank sustained its intervention in the various sectors of the inter-bank Foreign Exchange market with the injection of $545 million.

The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, gave the assurance in Abuja on Friday.

The Nigerian currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively.

Okorafor said the apex bank would pump even more liquidity into the market in the coming days, noting that the move was necessary to enhance stability in the foreign exchange market.

“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

Isaac Okorafor, the Acting Director, Corporate Communications Department of CBN, said this in a statement on Monday in Abuja.

Confirming the figures, the CBN Acting Director, Corporate Communications, Isaac Okorafor, reiterated that the Bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market

The Nigerian currency gained two points to trade at N363 to the dollar on Tuesday at the parallel market in Lagos, stronger than N365 posted on Monday.

Figures released by the Bank show that it offered the total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50 million. 

Information obtained from the CBN on Friday indicated that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales, thereby providing a boost to the respective sectors

The Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures and disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market

The order was given by the Committee on Customs, Excise and Tariff at an investigative meeting with the CBN

Sources at the CBN disclosed that the financial regulator took the decision to bar the erring banks based on field reports, which revealed that only eight banks had sold forex to the SMEs segment since the inception of the new window

A circular issued by the CBN on Friday disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions

Confirming this in Abuja on Wednesday, the Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed that the Bank has also commenced heavy injections into the spot market in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance

The Bank’s spokesman, Isaac Okorafor, confirmed the offer in Abuja on Thursday

The Acting Director, Corporate Communications, CBN, Isaac Okorafor said this in a statement on Wednesday in Abuja

This is coming barely 24 hours after Dollars started appreciating against the Naira at the parallel market, going from N370 to N380 due to limited supply