Connect with us

Uncategorized

Forex: CBN pumps $254 into retail segment

Published

on

Forex: CBN pumps $254 into retail segment
CBN Injects another $418m to support Naira

By Racheal Ishaya

Players in the retail segment of the Nigerian inter-bank Foreign Exchange (FOREX) market received a 254.3 million dollars boost from the Central Bank of Nigeria (CBN) on Friday.

The acting Director, Corporate Communications at the CBN, Mr Isaac Okorafor, in a statement explained that the sale was in response to bids received from authorised dealers, on behalf of their customers.

He disclosed that the 254.3 million dollars sold was for companies in the raw materials, agricultural, airline and petroleum industry.

He recalled that the Bank, at its last intervention in the Retail Secondary Market Intervention Sales (SMIS) on June 23, injected 240 million dollars for spot and forward deals.

Forex: CBN pumps $254 into retail segment

He said the apex bank had also intervened with 390 million dollars in the wholesale, SMEs and invisibles segments of the market on June 28 and July 3, 2017.

Okorafor said the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns.

Meanwhile, the naira, on Friday exchanged at an average of N364 to a dollar at the Bureau de Change segment (BDCs) in Abuja, which shows a slight depreciation of N4 compared to the N360 it exchanged for on Thursday.

Facebook Comments Box

DOWNLOAD ROYAL NEWS eCOPY March 28, 2022


Copyright 2022 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.

Contact: info@royalnews.com.ng

Download ROYAL NEWS app

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.