Skip to main content

CBN Injects $388.66m Into Foreign Exchange Market as FCMB Increases Sales

CBN Injects $388.66m Into Foreign Exchange Market as FCMB Increases Sales

 

CBN Governor, Godwin Emefiele

 

The Central Bank of Nigeria (CBN) has released an additional sum of $388.66million to ease pressure on the naira, stimulate business activities and make foreign exchange (Forex) accessible to local operators.

 

Confirming the numbers, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, disclosed that the sum of $87.885million was for spot sales, while $300.8 million was sold as forwards.

 

Mr. Okorafor further explained that the forwards were sold into three tenors of 30, 45 and 60 days respectively. According to him, the Bank sold $100.95 as 30-day forwards; $110.48 million as 45-day forwards and $99.37 as 60-day forwards.

 

Meanwhile, First City Monument Bank (FCMB) has increased its sale of Forex to all customers and members of the public who play in the Small and Medium Scale Enterprises (SMEs) sector, manufacturing, Corporate Bodies as well as individuals. This is obvious in the return on utilisation of allocated FX published weekly by FCMB in national newspapers as demanded by the Apex Bank.

 

Inquiries made by our reporter confirmed that FCMB has been receiving its requested Forex from the CBN and has seamlessly met its obligations in the sale of Forex to all categories of 

businesses and individuals as approved by the regulator. CBN has since resumed the sale of Forex to the lender, indicating that the Bank has been readmitted into the spot and wholesale strata of the foreign exchange market by the CBN.

 

However, the CBN, in the last few days, has extended Forex of various amounts to First City Monument Bank (FCMB) for invisible transactions, SME utilization, SMIS-Wholesale (30-day forward) and SMIS- Retail (Spot). It was also confirmed that about 5.77.06 billion litres of petroleum products valued at N760.44 billion were imported into the country in the first quarter of 2017. For this Nigerians are expected not to entertain any fear about a possible scarcity of petroleum products. The figures were the results of the bids submitted by dealers since Tuesday, May 2, 2017.

 

The CBN has continued with its intervention in the Bureau de Change (BDC) segment of the market to meet the needs of low-end users, the spokesman said the Apex Bank remained resolute in ensuring that it supplies enough forex to genuine customers and in the process, sustain liquidity in the market.

 

With this development, Mr. Okorafor expressed hope that the CBN would inch even much closer to its objective of convergence of the rates in the interbank and BDC segments.

Labels:

Comments

Post a Comment

Popular posts from this blog

On this day 36 years ago the world lost one of its most influential music icons, Bob Marley

On this day 36 years ago the world lost one of its most influential music icons, Bob Marley Thirty six years later his legacy reaches far beyond his tomb in Jamaica. Rarely does one individual impact the world so much that nearly four decades after his death, he continues to influence several generations after him. Thirty six years after his death at the age of thirty six,  Bob Marley  still casts a powerful shadow across music, pop culture and social justice; perhaps like no other musician has done before or after him. On May 11 1981,  Robert Nesta Marley  breathed his last in a Miami hospital having spent the previous four years first ignoring, then fighting the cancer and brain tumour that cut short his life. Born on his grandfather’s farm in the Jamaican country side in 1945 to an eighteen year old girl and a sixty year old British plantation overseer, Bob Marley was a child prodigy who would go on to be the most powerful and most important person in ...
Post a Comment
Read more

Why I’m dropping my first EP at 60 – K1 explains

Why I’m dropping my first EP at 60 – K1 explains It’s not everyday you wake up to hear that the king of fuji music, King Wasiu Ayinde Marshal, K1 is dropping a pop EP. So let’s be the first to tell you that in a couple of weeks, K1 will drop his first ever pop EP titled ‘Fuji: The Sound’. In an exclusive chat with LIB, K1 said, ‘the idea is about the placement of our music particularly my genre of music, Fuji. The truth is Fuji music has grown beyond our expectation and it’s now the future of what music is all about and if you look at majority of the young pop artistes are churning out these days, you’ll see that majority of it is influenced by the Fuji sound. So the focus is to keep placing Fuji in the fore front and it’s rightful place and on the word map’. We asked about the new EP and what to expect, ‘there’ll be 5 songs on it and believe me it’s a fantastic body of work that people will love to l...
Post a Comment
Read more

Don’t be forming Mandigo warrior’ – Don Jazzy advises men on sex

‘Don’t be forming Mandigo warrior’ – Don Jazzy advises men on sex He says men should not give into pressure. Not minding that he’s been in the eye of the storm on social media lately for being unmarried, Mavin boss, Don jazzy  has some advice for men on sex. According to the ace producer in one of his Instagram stories, he advised men not to give in to pressure when it comes to sex. ‘Dear guys, do not be pressurized during sex, you aren’t a machine. If you can’t do again, stand up and fan yourself. Life is too short please,’  Don Jazzy said. Advise of life There you have it guys,  ‘don’t be forming Mandigo warrior.’ Then again, one wonders what prompted Don Jazzy to give the advice. What do you think it was?
Post a Comment
Read more