CBN Pumps Fresh $100m in Forex Market

March 25, 2017
Customers Forex Demands

CBN Pumps Fresh $100m in Forex Market

By Modupe Gbadeyanka

An additional $100 million has been released into the foreign exchange market by the Central Bank of Nigeria (CBN) for use by wholesale customers.

Spokesman of the CBN, Mr Isaac Okorafor disclosed that out of the fresh injection, about $91 million has been taken.

The Naira continues to firm up against major currencies, especially the United States Dollar, which exchanged at $1/N490 at the parallel market on Friday.

Mr Okorafor disclosed that while the highest and marginal bid rates were N330/$1 and N320/$1, respectively, no intervention was made by the Bank to meet requests for invisibles on Thursday.

It will be recalled that the CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing assured that the Bank will sustain its forex intervention in the interbank market.

Daily Trust

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

Graduates Farmers
Previous Story

FG Empowers Graduates Farmers in Niger Delta

Uncertainty Grips Keystone Bank Workers, Embark on Job Hunt
Next Story

Uncertainty Grips Keystone Bank Workers, Embark on Job Hunt

Latest from Economy

Don't Miss