Business
4 Sectors get $285.7m Forex injection
The Central Bank of Nigeria (CBN), injected a total of $285,759,449.10 into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.
Details obtained from the CBN indicate that the agricultural, airlines, petroleum and raw materials were the four sectors that received various sums of allocation forex allocation from the CBN based on requests put forward by their respective banks.
Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases underlined the high levels of transparency of the Bank in Foreign Exchange Management.
According to him, the CBN would continue to play its role in easing the foreign exchange pressure on manufacturing and agricultural sectors through sales under the new flexible Foreign Exchange regime.
It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency. Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Friday, October 27, 2017.
-
News21 hours agoCourt orders British Govt. to pay £420m to 21 coal miners killed by colonial masters
-
Maritime21 hours agoNIMASA mulls expansion of deep blue project, calls for continued partnership with Navy
-
Economy21 hours agoBPE, stakeholders unite to rollout $500m free meters, DisCos pledge to lead drive
-
Finance21 hours agoCBN cuts 1-Year Treasury Bill rate, rejects Bids
-
Business21 hours agoMTN to acquire controlling stake in IHS Holdings, eyes full ownership
-
Agriculture21 hours agoOver 2.5m metric tonnes of food valued N2trn produced in 2yrs—FG
-
Oil and Gas21 hours agoDangote refinery backs gantry loading, cautions against costly coastal evacuation
-
News21 hours agoRaham Bello, others launch N20bn endowment fund for alma mater