The Central Bank of Nigeria (CBN) has injected 284.2 million dollars in the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja.

Okorafor said the move was the latest round of mediation in the inter-bank foreign exchange market.

He said the bank also injected CNY36.0 million in the spot and short-tenured forwards segment of the inter-bank foreign market.

The Spokesperson explained that the United States dollars-denominated transactions were to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan were for Renminbi-denominated Letters of Credit.

Okorafor added that the bank was satisfied with the continued stability in the foreign exchange market and assured that the CBN would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.



CBN at the last round of sales on July 23, intervened in the inter-bank sector of the Foreign Exchange market with the sum of 210 million dollars.

Meanwhile, a dollar exchanged for N357 while CNY1 exchanged at N46 at the Bureau de Change (BDC) segment of the foreign exchange market on Friday.

https://akelicious.net/cbn-injects-284-2m-cny36m-into-retail-secondary-market/

Even with all the injections naira to dollar is still miles apart...

Another injection... and yet the nation is still very sick... Is like this country is wrongly diagnosed...

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This is tinkering @ the margins.


This is window dressing.


This is papering over a broken wall.


However, it's a short term strategy to growth.

Cash

See these illiterates disgracing their generations up there.


They want to see impact. What is your business with the dollar. Those who have business with it are seeing the impact.

Debaiz:
See these illiterates disgracing their generations up there.


They want to see impact. What is your business with the dollar. Those who have business with it are seeing the impact.

Lol. First laugh of the day.

.

It obvious that comments around hear are relatively small. What an unfortunate situations , Yet many of us want to be rich, and we re not aware of our money market... Disgusting[color=#990000][/color]

Doctor CBN,;inject this ,inject that,good move anyway let's how it cut down on rising unemployment and poverty rates.

If you guys only understood what money injection means.

These guys are stealing this money and claiming to be injecting it.

Debaiz:
See these illiterates disgracing their generations up there.


They want to see impact. What is your business with the dollar. Those who have business with it are seeing the impact.

Are you one of those people seeing the impact?

I keep saying it, this is not the solution. You can't have typhoid fever and be taking paracetamol to ease pains.

We need to a permanent solution and not a palliative measure

How about you educate the "illiterates" and explain in lay man's words, the impacts it has made/will make. Not everyone is good in every area. Some people are gurus in economic issues and dumb asses in IT issues. Some are dumbasses in IT issues, yet gurus in Politics.

While some are dumbasses in all, yet gurus in romance issues . You'll see them giving very good advises on romance section.

So before you call anyone an illiterate, prove you ain't one

Debaiz:
See these illiterates disgracing their generations up there.


They want to see impact. What is your business with the dollar. Those who have business with it are seeing the impact.

They can always employ the educated ones that are fully aware of the money market, just like the Onitsha importers and exporters(who are mostly illiterates) do.. #justkidding

comment247:
.

It obvious that comments around hear are relatively small. What an unfortunate situations , Yet many of us want to be rich, and we re not aware of our money market... Disgusting[color=#990000][/color]

Trying to shore up a weak currency by constantly buying up Naira.

Wouldn't it make more sense to strengthen the Nigerian economy so that the currency would strengthen on its own??

Useless people.... Its like constantly fixing holes in a leaking ship, instead of renovating the whole ship so you don't have leaks anymore..

Yuceeluv:
How about you educate the "illiterates" and explain in lay man's words, the impacts it has made/will make. Not everyone is good in every area. Some people are gurus in economic issues and dumb asses in IT issues. Some are dumbasses in IT issues, yet gurus in Politics.

While some are dumbasses in all, yet gurus in romance issues . You'll see them giving very good advises on romance section.

So before you call anyone an illiterate, prove you ain't one

That’s why I said they’re disgracing their generation.

If you know you’re not good at something then you keep quiet rather than make poor judgements. They not only make poor judgment, they condemned.


An average Nigerian have no business with dollar. If not for the way we’ve polarized everything with our culture of worshiping the currency. You earn Naira, everything you buy is in Naira so why are they disturbed about dollar especially when they know nothing about it.


On the impact. They won’t feel the impact cos the main aim is for them not to feel the impact. Let CBN stop injecting dollar today they will feel the impact.

udemzyudex:
These guys are stealing this money and claiming to be injecting it.

With this your mindset, you expect me to respond to you?

Get an education first.

udemzyudex:



Are you one of those people seeing the impact?

Debaiz:


With this your mindset, you expect me to respond to you?

Get an education first.

What you don't know is bigger than you.

udemzyudex:


What you don't know is bigger than you.

Then ask those who know better than you.


Assumptions and baseless judgements won’t get you the knowledge.

Debaiz:



Then ask those who know better than you.


Assumptions and baseless judgements won’t get you the knowledge.

You're the one assuming nonsense bro.

udemzyudex:
These guys are stealing this money and claiming to be injecting it.

This is not assumption and judgement?


When i said get an education I knew what I was saying

[quote author=

Debaiz:



This is not assumption and judgement?


When i said get an education I knew what I was saying

You're confusing yourself mister.