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.

http://www.lailasblog.com/2017/05/cbn-injects-38866m-into-foreign.html

Lalasticlala

CBN under Emefiele has been dishing out policies by Trial and error.

Ministry of finance under Adeosun has been dishing out policies by permutations.

Federal government under Buhari has been dishing out policies by guess work.

INDEED,THERE WAS A COUNTRY!

Inject? Like using injection? Op come and explain yasef o

We hope this will help bring dollar down a bit and increase the value of the naira.

Nigeria is so tough and expensive to live and do business in.

Keep pumping

Why is it that during america recession their dollar was still strong, it seems this dollar is a god on It's own

watch out for my new song titled "cucumber"

FCMB increased sales?

Pls when will cbn increase foreign currency withdrawal from Naira-denominated accounts?

Dollars meant to boost Abokis business, who operates Bureau De Change

Things fall apart!

I still don't see the use, when the price of things are the same or higher in the market.

Nigeria is sick so keep injecting, Hw I wish d Dr is not also sick

are there seriously kiding me?..

I hope is not our budget money. lol

they keep injecting and naira is not responding to treatment . maybe she doesn't like injection cos I don tire oh..... 10,000 Ghc(ghana cedis) = 1million just imagine

When CBN turn Doctor wey dem dy inject inject?

Make debit cards work oh

naija

The day i get dollar against my pending form M numbering 12 for nov 2014 to jan 2016 from FCMB, sterling,diamond is day i will believe all this nonsense
Till then parallel market is lifeline for business in this country and helping country to survive or would have collapse last year

God bless Nigeria and Nigerians. Good morning Nairalanders.

I just now when buhari is away osinbajo keeps trying to ease the economic. I just wish the man could contest in 2019. He understand the system better than this old polithieficians. He knows the law and well groomed. He may be corrupt but not that wild like the melaiye,tinubu and sariki etc.

coolestchris:
Why is it that during america recession their dollar was still strong, it seems this dollar is a god on It's own

watch out for my new song titled "cucumber"

They prinited alot of dollars during recession. na dia money

Diebyfire05:
Things fall apart!

And Nigeria is no longer at ease.

there is hope for this Economy

Osinbajo is working

Osinbajo again.

Determined to strengthen the naira

eezeribe:
CBN under Emefiele has been dishing out policies by Trial and error.

Ministry of finance under Adeosun has been dishing out policies by permutations.

Federal government under Buhari has been dishing out policies by guess work.

INDEED,THERE WAS A COUNTRY!

Just so you know, Every "success" you see in this world came as a result of trial and errors

nice