₦airaland Forum

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

Chanji

From 200 where they see am

E go soon reach 500

Nice one from CBN..


Check my signature below

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

2019 fast approaching
Let's make Ikpoba-okha great again

The cbn should stop the injection of funds... Let's know the true worth of naira to dollar. This is just time being.

let me percieve the smelling of the freshness naa?

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!

better, cuz the kind of 100 and 50 notes I've been getting these days fit make person cry

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

They have been injecting/pumping since eternity. Naira still remains 360/$

Good News..?
Hmm

Very good development

post=74227729:
Very good development

How?
This is like pumping a leaking Tire 2 times a day instead of patching d Tire once and for all

Isoright

Well done sir.

Good.
Loudly heard than seen.
Politics is around d corner, its even better for us.

dokyOloye:
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

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.

Make dem de inject like Nigeria get malaria

dokyOloye:
How?
This is like pumping a leaking Tire 2 times a day instead of patching d Tire once and for all

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.

scribble:
Chanji

From 200 where they see am

E go soon reach 500

How much was it under Abacha?

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.

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?

Buhari sef,i tire for im matter

Enigmaticprof:
The cbn should stop the injection of funds... Let's know the true worth of naira to dollar. This is just time being.

They probably would reduce the volume after the election!

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.

Injecting that money into manufacturing, aviation or energy markets would have yield more FDI and better forex value tho