Business Naira Expected To Firm Up As CBN Injects Another $418m Into FX Market


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ProfRem

Guest
✅ NEW - get your business listed and your information shared across social media.
Nigerian naira is expected to firm up coming days as the Central Bank of Nigeria (CBN) again injected $418m into foreign exchange market.

The intervention - came a day after the Apex bank injected about $413 million - which cut across various segments of the inter-bank forex market, was aimed at pushing for the convergence of various market rates and resumption of support for the Naira, after a week lull.

The CBN figures showed that the retail segment of the market received the highest intervention of $226m, followed by the wholesale window that received an allocation of $100m.

EmefieleCBN.jpg

The Small and Medium Enterprises (SMEs) window received $50m, while the invisibles segment, comprising Business/Personal Travel Allowances, school fees and medicals received $42m to meet customers’ demands.

The bank’s spokesman, Isaac Okorafor, who confirmed the development said the volume of currency trading in the Investors & Exporters window had cumulatively hit $2.2b since the apex bank introduced it in April to boost liquidity in the forex market and ensure timely settlement of eligible transactions.

He expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns.
 
P

ProfRem

Guest
Naira is fluctuating despite CBN FX intervention, this is not good for business at all.
Is CBN policy working?
Yes, it is working. at least sustaining it between 360-370 to the dollar despite analyst believed that it is hit between 600 to 1000 in 2017.
 
P

ProfRem

Guest
How long can we fight this fire for?
As long as we can command and pull investors (not Chinese) to our side of economic play.

When we have sound programmes and policies with consistent political climax
 

curator

Administrator
Curators
As long as we can command and pull investors (not Chinese) to our side of economic play.

When we have sound programmes and policies with consistent political climax

How do you build investor confidence without a president?
 

curator

Administrator
Curators
Not done, except we v an upto the task - working Ag. P
Nobody outside Nigeria will take us seriously, acting president or not. That is just for Nigerians to digest like minions. The president has not been heard from and everyone is quiet, we are busy chasing ghosts of corruption.
 

airstar

New Member
Nobody outside Nigeria will take us seriously, acting president or not. That is just for Nigerians to digest like minions. The president has not been heard from and everyone is quiet, we are busy chasing ghosts of corruption.
There is progress as the acting president is trying to fill in the gap of the president. lets keep our fingers cross and pray for Mr president.
 
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