The Central Bank of Nigeria (CBN) on Tuesday intervened once more in the interbank segment of the foreign exchange (FX) market as it sold $210 million in thewholesale segment and other sectors.

Figures released by the central bankyesterday showed that the wholesale sector of the market got another injection of $100 million, just as the small and medium scale enterprises (SMEs) and invisibles sectors each received $55 million.


Confirming the figures, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said theinterventions, like the previous intermediations, were in line with the Bank’s commitment to sustain the high level of stability in the Forex market and continually ease access to the currency by those requiring it for genuine activities.

Okorafor, while commending the role of players in the market, said the CBN was ready to inject funds into the market, whenever and wherever necessary, in order to maintain market stability as well as sustain the financial system.

He also said the financial regulator was further buoyed by recent gains in the foreign exchange sector, which had seen the country’s reserves soar closer to the $50 billion mark.

Speaking further, Okorafor said the country’s reserves continued to enjoy accretion, adding that the present reserves status at the Bank meant that the CBN was capable of sustaining foreign exchange liquidity in the system.

Tuesday’s intervention came as one United States Dollar (US$1) exchanged for N361 in the Bureau De Change (BDC) segment of the market.
The CBN had in its last interventioninjected the sum of $396.18million into the Retail Secondary Market Intervention Sales (SMIS).

CBN Governor, Mr. Godwin Emefiele at the weekend put the value of the country’s external reserves at $47.93 billion, noting, however, that there was need to save for the rainy day and also continue to grow the foreign reserves.
He said it would be like saying the focus on inflation, the gross domestic product and exchange rate do not mean anything.

“We came to a meeting where one of the important issues that was discussed was the need to save for a rainy day and we must continue to rebuild reserves.

“That means that Nigeria’s decision to rebuild its reserves from as low as $23 billion in 2016 to almost $48 billion today was a decision in the right direction.

“So, we are going to continue to do so. If we had more reserves when we were hit by the exogenous shocks, we would not have suffered the recession that we suffered,” he added.

http://www.akelicious.net/2018/04/again-cbn-boosts-fx-market-liquidity.html

Nothing has changed....

For how long will this artificial sustenance continue?
This econometric cosmetics must stop;
It is pure bullcrap and we are no mumus!

Kemi Adeosun and Godwin Emefiele should be sent to go understudy the Governor of the Reserve Bank of Zimbabwe.

NwaAmaikpe:



For how long will this artificial sustenance continue?

My thoughts exactly..... I no just understand cbn nd FG ooo...

Will it grow the economy?

Dollar equal 1naira.. i know some economics teacher will come nd be explaining wt we can nt feel d effect waz d excess please stop showing uz economy pishure we nid Economy visibility..

Am learning a new lesson

Nice one , sense don dy come as election dy near. After election now sense go die. Rubbish country....

https://www.google.com.ng/amp/s/www.thisdaylive.com/index.php/2018/04/25/again-cbn-boosts-fx-market-liquidity-with-210m/amp/ why do nairaland mods encourage copy and paste bloggers

Money money but still no money


Please click my links edakun, help a brother.

If you liked it, share with your friends

For how long?

We need the law of Demand and supply to find the true value of the naira and then work hard in terms of policies and implementation to boost it.

Forex is a scarce commodity, our #lazygovernment need to look at a way to gradually withdrawal totally from intervening unnecessarily in balancing the deficit in the value of the Naira.

Nigeria's policy pales in comparison to that of China for instance, who lower the value of their currency to boost export and discourage imports whereas here, the govt. Simply boost the Naira to aid import of items we ordinarily should produce.

Chai!

Choi... these people don’t seem to know how it works , do this ones or twice but not continually... they should come up with a better strategy

50℅ of this money will be exchanged to naira and taken to Dubai by our looters to acquire more properties.
One Nigeria

NwaAmaikpe:



For how long will this artificial sustenance continue?
This econometric cosmetics must stop;
It is pure bullcrap and we are no mumus!

Kemi Adeosun and Godwin Emefiele should be sent to go understudy the Governor of the Reserve Bank of Zimbabwe.

Govt has been officially injecting dollars into the market before you were born. That this govt choose to always announce its own case should tell you something if you have brain. Better go and find out how govt spends its dollar earnings in naira before coming here to type nonsense.

I have said, pumping dollar into solving forex problem leads us to no tangible place in term of economy until we produce our goods by ourselves.

israelmao:
I have said, pumping dollar into solving forex problem leads us to no tangible place in term of economy until we produce our goods by ourselves.

And massively export such goods.

wickyyolo:
50℅ of this money will be exchanged to naira and taken to Dubai by our looters to acquire more properties.
One Nigeria

A new development we should wait and see how sustainable it will be.



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