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Nairaland Forum / Nairaland / General / Business / CBN Sells $462m To Boost Forex Market (4809 Views)
CBN Sells N187b T-bills In One Week As Lending Rate Falls / CBN Sells $195m To Boost Forex Supply / CBN Sells $230 Million To 16 Banks, Boosts Financial Market (2) (3) (4)
CBN Sells $462m To Boost Forex Market by Truth234(m): 5:55am On Jul 29, 2017 |
In an effort to further boost business activities, the Central Bank of Nigeria on Friday sold another $462,336,426.74 to prop up the Naira value and improve consumer prices. This was after the apex bank sold $194 million on Monday. Mr. Isaac Okorafor, the Acting Director in charge of Corporate Communications of the Central Bank, said the intervention was in line with the CBN commitment to deepen and sustain flexibility in the forex market. According to the acting director, the apex bank allocated $267.336, 426.74 to the Secondary Market Intervention Sales (SMIS), while $100 million was offered to the wholesale segment. Okorafor said $50 million was appropriated to the Small and Medium Enterprises, SMEs, while the segment that oversees those requiring foreign exchange for Business/Personal Travel Allowances, Medical fees, and Tuition fees got the remaining $45 million. Experts have hailed the CBN efforts at ensuring businesses and investors access foreign exchange market with ease. The Naira remained steady following the decision of the monetary policy committee to leave rates unchanged on Tuesday. Six out of the eight member committee voted to maintain the ongoing monetary policy, while the remaining two voted for rates reduction to ease loan burden and boost new job creation. http://investorsking.com/cbn-sells-462m-boost-forex-market/ |
Re: CBN Sells $462m To Boost Forex Market by Amoto94(m): 6:56am On Jul 29, 2017 |
This is good intervention yo ease the burden of the masses. I pray militants don't set us back 1 Like 1 Share |
Re: CBN Sells $462m To Boost Forex Market by Nobody: 7:41am On Jul 29, 2017 |
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Re: CBN Sells $462m To Boost Forex Market by okonja(m): 7:42am On Jul 29, 2017 |
Nice development. I hope this is realistic and not just paper talk |
Re: CBN Sells $462m To Boost Forex Market by erico2k2(m): 7:42am On Jul 29, 2017 |
But the $ &£ are gaining in world market so this means nothing the £ just went to $1.30 plus this week . highest since brexit |
Re: CBN Sells $462m To Boost Forex Market by wellmax(m): 7:43am On Jul 29, 2017 |
Looks like mods are high on Dustin powder this morning 8 Likes
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Re: CBN Sells $462m To Boost Forex Market by Dayor100(m): 7:45am On Jul 29, 2017 |
Has this bring any changes to Nigeria? If truth is what u just posted |
Re: CBN Sells $462m To Boost Forex Market by leksmedia: 7:46am On Jul 29, 2017 |
They should sell to businesses that needs them and not for some religious vacations 2 Likes 1 Share |
Re: CBN Sells $462m To Boost Forex Market by Zico5(m): 7:47am On Jul 29, 2017 |
With the injection of daily forex, I wonder why the prices of our local foods like gaari, beans and others are on the daily rise. I wonder what could be the cause. |
Re: CBN Sells $462m To Boost Forex Market by Atiku2019: 7:47am On Jul 29, 2017 |
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Re: CBN Sells $462m To Boost Forex Market by Daeylar(f): 7:47am On Jul 29, 2017 |
wellmax:Lol, Modified: It's been fixed now |
Re: CBN Sells $462m To Boost Forex Market by HAH: 7:51am On Jul 29, 2017 |
Some pessimist will say for how long will this continue |
Re: CBN Sells $462m To Boost Forex Market by 989900: 7:51am On Jul 29, 2017 |
360. |
Re: CBN Sells $462m To Boost Forex Market by Joshmedia1: 7:53am On Jul 29, 2017 |
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Re: CBN Sells $462m To Boost Forex Market by Fourwinds: 7:54am On Jul 29, 2017 |
wellmax:I'm shocked too... |
Re: CBN Sells $462m To Boost Forex Market by Fourwinds: 7:56am On Jul 29, 2017 |
Zico5:Nigerians are just wicked dats alll....initially they said it was dollar appreciation against the naira now what can they claim 1 Like |
Re: CBN Sells $462m To Boost Forex Market by nextprince: 7:58am On Jul 29, 2017 |
Very whooping amount. I think govt can now go by further reducing the official exchange rate by, say, N30, bringing it down to 330/$. Gradually, we are getting back on track. 1 Like |
Re: CBN Sells $462m To Boost Forex Market by nextprince: 7:59am On Jul 29, 2017 |
HAH: Their wish, but it only remains a wish. |
Re: CBN Sells $462m To Boost Forex Market by Nobody: 8:07am On Jul 29, 2017 |
Instead of developing other sectors to earn more forex and stabilize naira, they are throwing millions of dollars from oil money to defend naira. This country is indeed a Zoo 1 Like 1 Share |
Re: CBN Sells $462m To Boost Forex Market by wristbangle: 8:08am On Jul 29, 2017 |
Zico5: The law of demand and supply. They are yet to be surplus in the market and FG/state government ain't doing much to sustain the agricultural sector |
Re: CBN Sells $462m To Boost Forex Market by EvilMetahuman: 8:12am On Jul 29, 2017 |
Six out of the eight member committee voted to maintain the ongoing monetary policy, while the remaining two voted for rates reduction to ease loan burden and boost new job creation. the six bastards are the reasons we are still buying dollars at 370 yeah. It will not be well with them and their family. |
Re: CBN Sells $462m To Boost Forex Market by EvilMetahuman: 8:12am On Jul 29, 2017 |
Six out of the eight member committee voted to maintain the ongoing monetary policy, while the remaining two voted for rates reduction to ease loan burden and boost new job creation. the six bastards are the reasons we are still buying dollars at 370 yeah. It will not be well with them and their family. |
Re: CBN Sells $462m To Boost Forex Market by vedaxcool(m): 8:22am On Jul 29, 2017 |
EvilMetahuman: Na real evilmetahuman you be.... Zero Chill |
Re: CBN Sells $462m To Boost Forex Market by vedaxcool(m): 8:27am On Jul 29, 2017 |
Fourwinds: True. We simply don't factor the wickedness of the average Nigerian business man. |
Re: CBN Sells $462m To Boost Forex Market by demorezy(m): 8:33am On Jul 29, 2017 |
From an economist point of view, that's a great step if the fund are not been indirectly released to their colleagues |
Re: CBN Sells $462m To Boost Forex Market by Shorsky1(m): 8:34am On Jul 29, 2017 |
CBN keeps on selling forex currencies to the commercial banks as well as to black market so as to boost the economy by reducing the stress most marketers undergoes in sourcing for these funds from neighbouring countries.Yet the price of imported goods is still very expensive.Just wondering when things will return to normal. |
Re: CBN Sells $462m To Boost Forex Market by daryoor(m): 10:42am On Jul 29, 2017 |
the intervention is not working |
Re: CBN Sells $462m To Boost Forex Market by richard870(m): 1:34pm On Jul 29, 2017 |
why can't these fuuls peg d naira @250 to a dollar? We need a Revolution in this Scam-a-country #I'mTiredOfRetrogression! |
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