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Nairaland Forum / Nairaland / General / Business / CBN Injects Fresh $210m In Forex Market (6108 Views)
CBN Injects $297.92 Into Secondary Market / Naira Climbs To N360.55/$ As CBN Injects $210 Million / Naira Gains As CBN Injects $210m Into FX Market (2) (3) (4)
CBN Injects Fresh $210m In Forex Market by actiondrilling: 4:38am On Dec 28, 2018 |
The Central Bank of Nigeria (CBN) Thursday intervened in the interbank sector of the foreign Exchange market, injecting $210 million into the wholesale segment and other sectors of the market. Figures released by the Bank indicated that the wholesale sector of the market got another injection of $100 million, while the small and medium enterprises (SMEs) and invisibles sectors each received $55 million. The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said the forex interventions, in continuation of the Bank’s resolve, were aimed at sustaining the high level of stability in the Forex market and continually ease access to the currency by customers in the different sectors. While lauding actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, Okorafor assured that the CBN was ready to play its interventionist role in the market. The CBN had in its last interventions earlier in December 2018, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS). Meanwhile, one United States Dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market yesterday. Diamond Bank Appoints Babade Acting Chairman Diamond Bank Plc yesterday notified the Nigerian Stock Exchange (NSE) that following the recent resignation of Mr. Oluseyi Bickersteth as Director/ Chairman of the Board, the Board of Directors of bank has appointed Mr. Dele Babade as acting Chairman effective December 24, 2018. Babade holds Bachelors and Master’s degrees in Laws from University of London and was called to both the Nigerian and English Bar. He started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988 and at various times worked in the UK and Greece mainly in Corporate and Merchant Banking. He joined Citibank in 1993 and garnered experience from Citibank’s Emerging Markets business focusing on businesses beyond Africa and became Vice President in charge of all cross border/international deals for Africa in 1996, statement on the NSE website explained. In 1998, he joined Nomura International in London as a Director for Investment Banking for Africa. After re-joining Citibank in 2000, he was moved to Nigeria and Ivory Coast in 2001 as Executive Director covering Nigeria and West Africa and was a board member of Citibank Nigeria from 2001 to 2006. He also served as Citibank’s Director & Regional Head Sub-Sahara Africa Corporate Finance & Investment Banking based in South Africa from 2002 to 2006. He started his own investment advisory firm in 2007 but left briefly to join Ecobank Transnational Inc as Head of Ecobank Capital from 2010 to 2012 and was also a member of the Group Executive Committee, the top executive body for overall direction of the Ecobank Group. Since 2012, he has been running his firm focusing on inward cross border transactions across the African continent. He currently serves as Chairman of the Africa Risk Capacity Pan African Insurance Company (ARC Ltd) and is also the Chairman of its Finance and Investment Committee. ARC Ltd is a financial affiliate of the African Risk Capacity, a specialized agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies. Babade was nominated by First Carlyle Growth V (Carlyle) and his appointment as a Non-Executive Director was approved by the Central Bank of Nigeria effective April 20, 2017. Diamond Bank is currently in a business combination deal with Access Bank Plc https://www.akelicious.net/2018/12/cbn-injects-fresh-210m-in-forex-market.html
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Re: CBN Injects Fresh $210m In Forex Market by scribble: 4:41am On Dec 28, 2018 |
Chanji From 200 where they see am E go soon reach 500 3 Likes |
Re: CBN Injects Fresh $210m In Forex Market by Oweku: 4:48am On Dec 28, 2018 |
Nice one from CBN.. Check my signature below 1 Like |
Re: CBN Injects Fresh $210m In Forex Market by OneStep3: 5:00am On Dec 28, 2018 |
Re: CBN Injects Fresh $210m In Forex Market by ainas247: 6:49am On Dec 28, 2018 |
But still be difficult to get dollar at the bank Rank your business on Google page one fast and start seeing result.. Check my profile 1 Like |
Re: CBN Injects Fresh $210m In Forex Market by elitejosef: 6:50am On Dec 28, 2018 |
2019 fast approaching Let's make Ikpoba-okha great again 2 Likes
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Re: CBN Injects Fresh $210m In Forex Market by Enigmaticprof(m): 6:50am On Dec 28, 2018 |
The cbn should stop the injection of funds... Let's know the true worth of naira to dollar. This is just time being. 4 Likes |
Re: CBN Injects Fresh $210m In Forex Market by canalily(m): 6:51am On Dec 28, 2018 |
let me percieve the smelling of the freshness naa? |
Re: CBN Injects Fresh $210m In Forex Market by Obijulius: 6:51am On Dec 28, 2018 |
Nothing will work until we inject sense into the dull combo of Buhari and his side chick, Osibanjo. Those two idiots are the dumbest people. Their rule shows what happens when you give dumbos power! 7 Likes 1 Share
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Re: CBN Injects Fresh $210m In Forex Market by OgeFather(m): 6:51am On Dec 28, 2018 |
better, cuz the kind of 100 and 50 notes I've been getting these days fit make person cry |
Re: CBN Injects Fresh $210m In Forex Market by dokyOloye: 6:52am On Dec 28, 2018 |
CBN continues to subsidise an aboki dominated forex market. Same way the Islamist govt is running helter skelter to provide cattle ranches for fulani terrorist cow herders 5 Likes |
Re: CBN Injects Fresh $210m In Forex Market by helinues: 6:53am On Dec 28, 2018 |
They have been injecting/pumping since eternity. Naira still remains 360/$ 7 Likes |
Re: CBN Injects Fresh $210m In Forex Market by GentleMoney: 6:53am On Dec 28, 2018 |
Good News..? Hmm |
Re: CBN Injects Fresh $210m In Forex Market by MANNABBQGRILLS: 6:54am On Dec 28, 2018 |
Very good development 1 Like 1 Share |
Re: CBN Injects Fresh $210m In Forex Market by dokyOloye: 6:55am On Dec 28, 2018 |
post=74227729:How? This is like pumping a leaking Tire 2 times a day instead of patching d Tire once and for all 12 Likes 2 Shares |
Re: CBN Injects Fresh $210m In Forex Market by slawomir: 6:55am On Dec 28, 2018 |
Isoright |
Re: CBN Injects Fresh $210m In Forex Market by oriewanbe: 6:55am On Dec 28, 2018 |
Well done sir. |
Re: CBN Injects Fresh $210m In Forex Market by Boyooosa(m): 6:55am On Dec 28, 2018 |
Good. Loudly heard than seen. Politics is around d corner, its even better for us. 1 Like |
Re: CBN Injects Fresh $210m In Forex Market by 34webers(m): 7:01am On Dec 28, 2018 |
dokyOloye:In your mind, there is a grain of sense in what you just wrote abi? How does the subsidy even benefit the black market aboki sef? Na only God know who do una this thing. 2 Likes 1 Share |
Re: CBN Injects Fresh $210m In Forex Market by 2019elections: 7:03am On Dec 28, 2018 |
Make dem de inject like Nigeria get malaria |
Re: CBN Injects Fresh $210m In Forex Market by linearity: 7:05am On Dec 28, 2018 |
dokyOloye: Since they having been ‘injecting’, the dollar to naira exchange rate have not changed from the $1/N360, a far cry from the $1/N1 promised four years ago. Making one to think that, the injections might be going straight into the pockets of a few closed insiders, who makes a ton of money by doing a round trip journey into the forex market. Otherwise, no true patriot in this administration will vow that, despite the noise of ‘improvements’ to the economy this administration has been making up and down, the exchange rates would have been worst than they are now, four years into the tenure of this government. 4 Likes |
Re: CBN Injects Fresh $210m In Forex Market by supereagle(m): 7:06am On Dec 28, 2018 |
scribble: How much was it under Abacha? 1 Like |
Re: CBN Injects Fresh $210m In Forex Market by supereagle(m): 7:06am On Dec 28, 2018 |
Buhari is a bad leader, we want GEJ PDP back.Why?!====Under PDP GEJ Rice was N8000 Then, but under Buhari, Rice is N16,000;Therefore, PDP GEJ is better than Buhari.Another Reason?===Under PDP GEJ fuel was 87 Naira, but Under Buhari,fuel is now 145 Naira;Therefore, GEJ PDP is better than Buhari.Bring back PDP GEJ!Me:Under Abacha, Rice was N800, but under PDP GEJ, it jumped to N8000;Therefore, Abacha is better than GEJSecond Reason===Under Abacha fuel was N11, it jumped to N87 underPDP GEJ;Therefore, Abacha is better than GEJ.Bring back Abacha!===Only a motor park tout and badly educated people make warped arguments. First we don't produce fuel, crude oil is not petrol; we import fuel and food. Since both are based on importation, they are subject to foreign exchange factors.Our main source of foreign exchange earning is sales of crude oil. Under GEJ we earned more from crude oil, hence we had more money to subsidise importation of fuel and rice; hence the price differential. But under Buhari, the global crude oil price dropped from $94-120 under PDP GEJ to$28-65 under Buhari which explains why we entered recession because of lack of planning during the years of plenty.Some states had to be bailed out by the Federal Government because they couldn't even pay salary. How then do you expect the prices of fuel and food which we don't produce to be cheaper now than before?Next time, when semi-illiterates argue about basic economincs, you should do better and not join themby ridiculing the already useless certificates you parade around thereby making yourself butt of jokes among those who know. 1 Like |
Re: CBN Injects Fresh $210m In Forex Market by 34webers(m): 7:08am On Dec 28, 2018 |
I still don't understand why a particular group will rather remain foolish and stupid in matters of national concern. Pls is there any administration that doesn't inject dollars into forex? How does the govt converts its dollars into naira for running its domestic affairs? Or is it because this administration chose to make its own public? |
Re: CBN Injects Fresh $210m In Forex Market by domino4211(m): 7:09am On Dec 28, 2018 |
Buhari sef,i tire for im matter |
Re: CBN Injects Fresh $210m In Forex Market by Pavore9: 7:14am On Dec 28, 2018 |
Enigmaticprof: They probably would reduce the volume after the election! |
Re: CBN Injects Fresh $210m In Forex Market by israelmao(m): 7:21am On Dec 28, 2018 |
Until Nigeria wriggles out of crude oil-driven economy by revitalizing manufacturing sector and exploiting other resources we will keep on using money to save naira instead of using homegrown commodities to do in the like manner through exportation. Note:Nairaland you banned on some certain threads because of my honest comments on political matters but I want you to know there are other media or platforms where my honest opinions can be ventilated. |
Re: CBN Injects Fresh $210m In Forex Market by Waspy(m): 7:31am On Dec 28, 2018 |
Injecting that money into manufacturing, aviation or energy markets would have yield more FDI and better forex value tho |
Re: CBN Injects Fresh $210m In Forex Market by AwesomeRomeo: 7:36am On Dec 28, 2018 |
What Can I Do With 2 Million / My Pain And Gain On Facebook Ads Success Story Has Mini Importer / Sanusi Says: Bank CEO's Should Be Tied To Stake And Shot Dead.
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