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/

This is good intervention yo ease the burden of the masses. I pray militants don't set us back

The person above me is clearly anti-ipob, maybe the person below me will be the opposite. But who cares

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Nice development. I hope this is realistic and not just paper talk

But the $ &£ are gaining in world market so this means nothing the £ just went to $1.30 plus this week . highest since brexit

Looks like mods are high on Dustin powder this morning

Has this bring any changes to Nigeria? If truth is what u just posted

They should sell to businesses that needs them and not for some religious vacations

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.

wellmax:
Looks like mods are high on Dustin powder this morning

Lol,
Modified: It's been fixed now

Some pessimist will say for how long will this continue

360.

.

wellmax:
Looks like mods are high on Dustin powder this morning

I'm shocked too...

Zico5:
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.

Nigerians are just wicked dats alll....initially they said it was dollar appreciation against the naira now what can they claim

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.

HAH:
Some pessimist will say for how long will this continue

Their wish, but it only remains a wish.

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

Zico5:
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.

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

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.

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.

EvilMetahuman:



the six bastards are the reasons we are still buying dollars at 370 yeah.

It will not be well with them and their family.

Na real evilmetahuman you be.... Zero Chill

Fourwinds:
Nigerians are just wicked dats alll....initially they said it was dollar raise now what can they claim

True. We simply don't factor the wickedness of the average Nigerian business man.

From an economist point of view, that's a great step if the fund are not been indirectly released to their colleagues

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.

the intervention is not working

why can't these fuuls peg d naira @250 to a dollar?

We need a Revolution in this Scam-a-country

#I'mTiredOfRetrogression!