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CBN Intervenes In Forex Market With $210m - Business - Nairaland

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Central Bank Of Nigeria Injects $210m In Forex Market / CBN Injects Fresh $210m In Forex Market / Naira Gains As CBN Injects $210m Into FX Market (2) (3) (4)

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CBN Intervenes In Forex Market With $210m by mrakeli62: 3:06am On Nov 22, 2018
The Central Bank of Nigeria (CBN) Wednesday intervened in the interbank foreign exchange market by injecting the sum of $210 million into the market.

The central bank offered the sum of $100 million in the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million.

Similarly, the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.


The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the Bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the Bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market.

According to him, the level of transparency in the market was also a confidence boost for the market.

The CBN in its intervention last week injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market Wednesday

https://www.akelicious.net/2018/11/cbn-intervenes-in-forex-market-with-210m.html

Re: CBN Intervenes In Forex Market With $210m by Alzirida(f): 7:26am On Nov 22, 2018
They have to
Re: CBN Intervenes In Forex Market With $210m by verygudbadguy(m): 7:30am On Nov 22, 2018
Even with the intervention, the dollar is still on the rise because of political demands. Yesterday cash closed at 363 while inflow closed at 365.5.

We should be looking at 370 before February 2019.

All in all, the CBN has tried to keep the rate down. We don’t know the true value of dollar until this CBN intervention stops though.

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Re: CBN Intervenes In Forex Market With $210m by condomuser: 7:42am On Nov 22, 2018
This man from Daura again, shebi na you dey print the dollar?

Re: CBN Intervenes In Forex Market With $210m by cacmatters(m): 7:44am On Nov 22, 2018
Nice move
Re: CBN Intervenes In Forex Market With $210m by Stalwert: 8:04am On Nov 22, 2018
Government should have directed the DSS to track politicians who use forex for bribes and arrest them

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Re: CBN Intervenes In Forex Market With $210m by Ugosample(m): 8:07am On Nov 22, 2018
verygudbadguy:
Even with the intervention, the dollar is still on the rise because of political demands. Yesterday cash closed at 363 while inflow closed at 365.5.

We should be looking at 370 before February 2019.

All in all, the CBN has tried to keep the rate down. We don’t know the true value of dollar until this CBN intervention stops though.

that's what I've been saying

1 Like

Re: CBN Intervenes In Forex Market With $210m by Kayglo: 8:17am On Nov 22, 2018
For how long would we do this pegging of exchange rate. This oil monetary transmission is bound to packup sooner. Every intervals where we had opportunities to correct some anormalies with the nation, we always get timid. Oil, Foreign Exchange, Constitution Amendments, Wages and Salaries, Reforms, etc list is almost endless.

Some people are feeding very fat with this weekly intervention, and Cbn keeps patting itself on the back for what it knows is unsustainable. Allow the naira adjust to it's shock, in no time it would bounce back slowly on a firm footing and the pains would teach us to value and respect our economy, politicians won't just talk anyhow cause of the effect on the economy while our capital market would benefit greatly.
Re: CBN Intervenes In Forex Market With $210m by Kayglo: 8:23am On Nov 22, 2018
With the current wave we in, I see it going as high as 390 by the elections.
verygudbadguy:
Even with the intervention, the dollar is still on the rise because of political demands. Yesterday cash closed at 363 while inflow closed at 365.5.

We should be looking at 370 before February 2019.

All in all, the CBN has tried to keep the rate down. We don’t know the true value of dollar until this CBN intervention stops though.
Re: CBN Intervenes In Forex Market With $210m by uriris: 8:28am On Nov 22, 2018
There's trouble in this country.
Re: CBN Intervenes In Forex Market With $210m by marvin906(m): 9:15am On Nov 22, 2018
with election on the way I pity the naira

Re: CBN Intervenes In Forex Market With $210m by verygudbadguy(m): 9:25am On Nov 22, 2018
Kayglo:
With the current wave we in, I see it going as high as 390 by the elections.
It is possible but I don’t see it happening. If it gets to a point, the CBN can increase the collection times of BDC to daily if they deem it necessary.
Re: CBN Intervenes In Forex Market With $210m by pat1612(m): 9:42am On Nov 22, 2018
My banker just gave me rate of 364 for cbn bids blackmarket 364 so what is difference.

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Re: CBN Intervenes In Forex Market With $210m by Fitbillionairep: 11:05am On Nov 22, 2018
please stop these intervention and allow these dollar to rise na. stupid cbn
Re: CBN Intervenes In Forex Market With $210m by Houseofglam7(f): 12:42pm On Nov 22, 2018
Nonsense undecided
Re: CBN Intervenes In Forex Market With $210m by Ayobami7(m): 12:52pm On Nov 22, 2018
noted
Re: CBN Intervenes In Forex Market With $210m by Keywordconcept(m): 4:41pm On Nov 22, 2018
We need better economic policies and implementation.

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