optional logo
  • Home
  • About Us
  • Our Services
  • Historical Rates
  • News
  • Blog
  • Contact Us
  • Buy/Sell

News

CBN injects fresh $250m into forex market

CBN injects fresh $250m into forex market September 12, 2017

The Central Bank of Nigeria on Monday intervened with another sum of $250m in the foreign exchange market

The regulator said in a statement that the move was meant to keep the inter-bank foreign exchange market liquid.
 
A breakdown of Monday’s intervention indicated that the wholesale sector was offered the sum of $100m, just as the Small and Medium Enterprises window received a boost of $80m.
 
Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, among others, were allotted the total sum of $70m.
 
The bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.
 
According to him, CBN has taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the naira.
 
While assuring that authorised dealers had enough funds to meet the foreign exchange needs of customers, Okorafor urged all to adhere to the extant guidelines on the sale of forex in the nation’s forex market.
 
He therefore advised those in genuine need of forex to continue to approach their respective banks for purchase.
 
He said the bank remained very optimistic that the Nigerian currency would fare strongly against other notable currencies around the world.
 
On the convergence target of the bank between the forex rates at the inter-bank and the Bureau de Change, he said the goal would be attained if all stakeholders played by the rules.
 
The CBN last week assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian forex market.
 
Meanwhile, the naira exchanged at the Bureau de Change segment of the market on Monday, at the rate of N365/$1.

Source: The Punch

Share this news

Share

Recent News

Naira to remain stable on CBN interventions
Published on April 20, 2018
IMF reverses oil prices downward
Published on April 20, 2018
Oil price nears four-year high of $75
Published on April 20, 2018

Get the latest rates delivered to your inbox!

About Rexel BDC

Rexel Bureau de Change Limited is a limited liability company incorporated in Nigeria and licensed by Central Bank of Nigeria to buy, sell and deal in foreign currencies and to act as agents and consultants.

Our Services

Business Travel Allowance (BTA)

Personal Travel Allowance (PTA)

International Bill Payments

Tuition Fee Payments

and much more...

Latest Blog Posts

Sample Blog Post Two
Posted on November 11, 2016
Sample Blog Post One
Posted on November 11, 2016
Sample Blog Post Half
Posted on October 12, 2016

Contact Details

177A, Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.

info@rexelbdc.com

08148415830

Copyright © 2018 Rexel BDC Limited
Powered by Kentico CMS.