Stats: 3,184,579 members, 7,923,960 topics. Date: Saturday, 17 August 2024 at 07:12 PM |
Nairaland Forum / Nairaland / General / Business / CBN Opens Special Forex Window For Smes (7624 Views)
How I&E Forex Window Buoyed Naira Stability With $50bn Inflows / I&e Forex Window Attracts $1.9bn In 5 Days / CBN Sets Up Investors, Exporters Forex Window (2) (3) (4)
CBN Opens Special Forex Window For Smes by Truth234(m): 4:10am On Apr 11, 2017 |
The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises. The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms. Under the special arrangement, he said enterprises with staff strength of between 10 and 199 and asset base of between N5m and N500m would be offered the opportunity to import eligible items within the approved threshold. Meanwhile, the Central Bank of Nigeria is planning to sell shorter-dated dollar forwards to inject liquidity into the official market and try to support the naira. The local currency weakened on both the official and black markets. The naira fell to 328.50 on the official market but later gained some ground to close at 306.15 after the CBN intervened, Reuters reported. However, the local currency closed at 405/dollar on the black market. In a statement on Monday, the Acting Director, Corporate Communications, Mr. Isaac Okorafor, said, “In the weeks ahead the (central bank) will sustain its intervention through the sale of foreign exchange to all segments of the market. “The bank will sell short-tenured forwards of seven-day to 30-day maturity to meet demand of manufacturers and all other foreign exchange users. “These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market.” On Monday, traders said the bank would auction $100m to be settled between one week and 30 days, as against 60-day contracts it had written previously. The CBN had auctioned $418m at N310 on Friday to airlines, agricultural firms, petroleum and raw material importers in addition to $350m it sold last week to individuals with certain foreign expenses. The CBN has been battling naira volatility brought on by low oil prices, which has plunged the economy into a recession. The multiple exchange policy has masked the pressure the currency is under and made it difficult to attract inflows as investors struggle to price naira assets, Reuters reports quoting analysts. Last week, the International Monetary Fund said the naira was overvalued by around 10 to 20 per cent, and called for changes to Nigeria’s exchange rate policy. http://investorsking.com/cbn-opens-special-forex-window-for-smes/ 1 Like |
Re: CBN Opens Special Forex Window For Smes by hisgrace090: 4:14am On Apr 11, 2017 |
The more easier it became to access the dollar the better it goes for us. We are moving forward. 4 Likes 1 Share |
Re: CBN Opens Special Forex Window For Smes by jmichlins(m): 5:39am On Apr 11, 2017 |
So this makes it the .......forex window in one economy? Fill in the gap with correct answer (20 marks) A, 2 B, 12 C.7 D. 9 E. None of the above CBN is just as confused as the presidency and I believe we are on auto pilot on every aspect of the this nation 6 Likes |
Re: CBN Opens Special Forex Window For Smes by onatisi(m): 6:30am On Apr 11, 2017 |
CBN CONFUSED BANK OF NIGERIA 15 Likes 2 Shares |
Re: CBN Opens Special Forex Window For Smes by modath(f): 6:30am On Apr 11, 2017 |
Another new forex window cos the ones we have are not crazy and confusing enough ba? !! Bravo CBN, ![]() ![]() You cannot continue to do something same way and expect a different result, it's common sense people!! Gosh!!! ![]() 2 Likes |
Re: CBN Opens Special Forex Window For Smes by Nobody: 6:37am On Apr 11, 2017 |
°˚˚˚°ºнaĦaнaº°˚˚˚°º |
Re: CBN Opens Special Forex Window For Smes by onatisi(m): 6:42am On Apr 11, 2017 |
Cbn should create my own personal fx window and open it for me. Because it seems window manufacturing and creating is cbn new job now 7 Likes 1 Share |
Re: CBN Opens Special Forex Window For Smes by Amoto94(m): 7:34am On Apr 11, 2017 |
This is a good move to boost the economy as SMEs makes an economy to tick. 2 Likes |
Re: CBN Opens Special Forex Window For Smes by deebsman1(m): 7:56am On Apr 11, 2017 |
Good |
Re: CBN Opens Special Forex Window For Smes by Mopolchi: 7:57am On Apr 11, 2017 |
Fine one |
Re: CBN Opens Special Forex Window For Smes by KingLennon(m): 7:57am On Apr 11, 2017 |
I fear for Nigeria Economy by 2019. Nigeria is moving 2 steps forward and 5 steps backward. God will help us 1 Like |
Re: CBN Opens Special Forex Window For Smes by Lakebeyin(m): 7:58am On Apr 11, 2017 |
Pls, I nid to know how this forex works.. |
Re: CBN Opens Special Forex Window For Smes by LionDeLeo: 7:58am On Apr 11, 2017 |
Good development. Enemies of state right now 1 Like
|
Re: CBN Opens Special Forex Window For Smes by Turks: 7:58am On Apr 11, 2017 |
Lol |
Re: CBN Opens Special Forex Window For Smes by dayleke: 7:59am On Apr 11, 2017 |
I wonder where all these gonna lead to.... This is just another surface scratching thingy... |
Re: CBN Opens Special Forex Window For Smes by Lanre4uonly(m): 7:59am On Apr 11, 2017 |
That's good. I do hope it will have a positive effect on the economy. |
Re: CBN Opens Special Forex Window For Smes by itiswellandwell: 8:00am On Apr 11, 2017 |
Hmmmm |
Re: CBN Opens Special Forex Window For Smes by smartty68(m): 8:01am On Apr 11, 2017 |
If dollar is made accessible even to the common man, why won't Naira gain value. CBN please spread the dollars.
|
Re: CBN Opens Special Forex Window For Smes by HAH: 8:02am On Apr 11, 2017 |
Since the profit maargin of bank was reduced on fx sales the naira started losing value, the banks may be involved in the current downward trend 2 Likes |
Re: CBN Opens Special Forex Window For Smes by Nobody: 8:03am On Apr 11, 2017 |
Another avenue for fraud & corrupt practices has been opened by the CBN. Expect politicians & senior civil servants to swamp the so-called 'window' looking for forex for luxury items/overseas holidays and also for speculation purposes 2 Likes 1 Share |
Re: CBN Opens Special Forex Window For Smes by valdes00(m): 8:03am On Apr 11, 2017 |
If Efe get sense make him just use that 25m play 3+odd DORTMUND V MONACO JUVE V BARCA G.G and over 2.5 Nigga would be 75m richer ---- Based on UCL logistics 1 Like |
Re: CBN Opens Special Forex Window For Smes by alkines(m): 8:03am On Apr 11, 2017 |
they just keep saying but were are nt feeling the changes at all damn |
Re: CBN Opens Special Forex Window For Smes by kenny905(m): 8:06am On Apr 11, 2017 |
these ones and policies that wont help anyone ke |
Re: CBN Opens Special Forex Window For Smes by persius555(m): 8:07am On Apr 11, 2017 |
Emefiele would be remembered for turning the Nigerian forex market into a labrat for unconventional and unorthodox market experiment. If only we have a regime that knew better 1 Like |
Re: CBN Opens Special Forex Window For Smes by gboyegazike(m): 8:08am On Apr 11, 2017 |
1 Like |
Re: CBN Opens Special Forex Window For Smes by juman(m): 8:09am On Apr 11, 2017 |
This is a country always with dishonest governments. During abacha time many people with connections became extremely rich from the double exchange rate. Likewise during this time. The government friends would have easy access to the cbn dollars, while the masses suffer. |
Re: CBN Opens Special Forex Window For Smes by Pavore9: 8:09am On Apr 11, 2017 |
Based on the past, it will still be manipulated. 2 Likes |
Re: CBN Opens Special Forex Window For Smes by juman(m): 8:13am On Apr 11, 2017 |
What needed to be done is bounce back the economy by energized it, and remove the fraudulent exchange rate. |
Re: CBN Opens Special Forex Window For Smes by onatisi(m): 8:25am On Apr 11, 2017 |
1 Like |
OPEC Extends Nigeria’s Exemption From Oil Output Cut / Interested In Old Naira Notes And Coins (Collector) / 7 Things You Should Do When Starting An Online Business
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24 |