AS part of its efforts to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected $280 million into the market.



The apex bank has also announced on Tuesday that it would now sell $20,000 twice a week to licensed bureaux de change, a 100 percent increase from the previous $10,000 twice a week.

It also announced the opening of bids for offering $100m wholesale seven to 45 days forwards through the Deposit Money Banks (DMBs).

“A breakdown of the intervention shows that invisibles such as basic travel allowance, personal travel allowance, medical bills and tuition received $80 million, while the small and medium enterprises (SMEs) window received $100 million,” the apex bank said in a statement.

“Together with the wholesale bid auction, the bank sold $280 million into the market on Tuesday.”

Isaac Okorafor, the bank’s spokesman, confirmed the releases, saying the new window for SMEs would boost businesses through the importation of eligible finished and semi-finished items.

Okorafor explained that the CBN introduced the use of FORM X for the SMEs to ease the documentation challenges usually encountered by this category of businesses.

He said SMEs were allowed to purchase $20,000 per quarter on this arrangement.

Okorafor said all SME applicants must fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.

He said eligible applicants must have operated their bank accounts for a minimum of six months.

On the sale of forex to BDCs, Okorafor explained that the decision was taken to ensure that the high volume demand by low-end users were met promptly.

He also said the apex bank would not tolerate unscrupulous actions from banks or their staff, and would not hesitate to bring serious sanctions on offenders.

http://www.socialtimesng.net/2017/04/cbn-injects-280m-into-fx-market-increases-sale-to-bdcs/

Lalasticlala

Ok

maryjan8:
Ok

Yea

Isorite

Can someone tell me why the dollar is not coming down anymore despite constant CBN injection into the society?

hisgrace090:
Can someone tell me why the dollar is not coming down anymore despite constant CBN injection into the society?

bubu in town

hisgrace090:
Can someone tell me why the dollar is not coming down anymore despite constant CBN injection into the society?

Because the problem goes beyond just dumping dollars in the market

$1 = 1N



The biggest scam of the century



APC needs to apologies to Nigerians



We are not after the amount introduced to the market, we are after the exchange rate




It seems Abacha's regime was better based on the exchange rate when compared to Bubu

t

hisgrace090:
Can someone tell me why the dollar is not coming down anymore despite constant CBN injection into the society?

Because we are not earning enough dollars

Our major source of dollars is oil money. When oil prices are high, dollars flow in, and not just from oil, foreign dollars flow in because govt does not need to restrict dollar outflow.

When oil prices fall, govt restricts dollars, foreign investment dries up because of the restrictions, and naira falls , because we lacknenough dollars to buffer the naira.

Also, oil prices have to be at a certain level to enable Nigeria have enough for all its needs. For Nigeria, oil has to be at $120 and above for us to have a 'strong' naira.

But ultimately, we need to diversify our export base so that we can earn more than enough dollars to buffer the naira.This means making heavy duty investment in power, transport and education and industry.

all these measures are temporary

madness

if they think injecting dollars will solve the mess we are in currently then they are wrong, creating surplus availability of dollars will hurt our economy in the long run, poor moves exhibited by the economic team of this country.

When I see the word inject,

This is what comes to my mind

What is Op saying

I Hope it works well and is really available.


meanwhile

Website/web App Creation isn't rocket science.
Get your website/web App up and running at your deadline.

Make a request @ www.callable.info/request.php

This government and injection be like 5 and 6

owkay

What happens when the CBN goes broke

Dollar not coming down because there is still less liquidity in the market.. There is no oversaturation

onatisi:

Because the problem goes beyond just dumping dollars in the market

Prophet of Doom. You don dey show face again because dollar has gained some ground. You would soon disapear again when Naira Climbs to 320.

hisgrace090:
Can someone tell me why the dollar is not coming down anymore despite constant CBN injection into the society?

It has reached an equilibrium: there's actually more demand now since the people who stopped demanding for it when it was expensive postponed their purchases.

Without the injection, prices would have been much higher by now, so the fact it is my going down like before does not mean the policy is not working

Samhay is typing

Much ado about nothing....

im at 419 road ,hell way,satan avenue


blow wissuu if that wisuu will not hang in your throat

nice development

Ok

They'll soon mop up d dollars and no effect will be felt...moreover, I think more fundamental things need to be done than just dumping of dollars in d market

Please reason right

abhosts:


Prophet of Doom. You don dey show face again because dollar has gained some ground. You would soon disapear again when Naira Climbs to 320.

Happy Injection. CBN is the doctor, money is syringe, the economy is the patience... this administration is one hell of a joke.. God help us.


contact us for your landscape, horticulture and gardening service...
check my profile for more info.

Hope this works this time

The kind of injection I'd ask for from the CBN doctor