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CBN Releases Fresh $195m Into Forex Market

The Nigerian inter-bank Foreign Exchange (Forex) market has continued to enjoy unwavering interventions from the Central Bank of Nigeria (CBN). This comes as the CBN has just released another $195 million into the inter-bank Forex market. The Bank, in a statement on Monday by its Acting Director, Corporate Communications Department, Isaac Okorafor, gave a breakdown of its latest intervention as; ** Wholesale segment was offered $100 million. ** The Small and Medium Enterprises (SMEs) segment received $50 million.…

CBN Strengthens Forex Market With Fresh $195m

The inter-bank segment of the Foreign Exchange (Forex) market has received fresh $195 million boost from the Central Bank of Nigeria (CBN). CBN's Acting Director, Corporate Communications Department, Isaac Okorafor, said on Tuesday that the latest intervention was part of the sustained efforts by the Bank to meet Forex demands. Okorafor said while the sum of $100 million was released to the Wholesale segment of the market, the Small and Medium Enterprises (SMEs) segment got $50 million. The CBN spokesperson…

CBN Injects Fresh $285.7m Into FOREX Market

The Central Bank of Nigeria (CBN) on Friday, injected a fresh $285,759,449.10 into four different sectors of the Inter-Bank Foreign Exchange Market. The sectors according to the CBN are agricultural, airlines, petroleum and raw materials. The apex Bank explained that the latest forex allocations followed put forward by their respective banks, to meet requests in four sectors of the economy. Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases…

CBN Boosts Forex Market With Fresh $195m

As part of efforts to sustain FOREX liquidity in the country, the Central Bank of Nigeria (CBN), has injected fresh $195million into different segments of the inter-bank Foreign Exchange Market. Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department, made the announcement on Tuesday. Figures released by the Bank show it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, which…

CBN Warns Banks, Hoard Forex, Face Stiff Sanctions

The Central Bank of Nigeria (CBN) will not hesitate to impose stiff sanctions against any financial Institution caught flouting its directive on Forex management. This was according to CBN’s Acting Director, Corporate Communications, Isaac Okorafor, who on Friday stated that the apex bank has its eagle eye on commercial banks so as to ensure compliance. In an interview with newsmen, Okorafor said the "black market business is dead" thanks to CBN’s consistent intervention at various segments of Nigeria’s Foreign…

CBN Lifts Forex Market With Fresh $364m

The inter-bank segment of Nigeria’s Forex Market on Tuesday received fresh $364 million intervention from the Central Bank of Nigeria (CBN). This is the latest in the series of CBN’s interventions aimed at achieving convergence of rates at the inter-bank and Bureau-de-Change (BDC) segments of the market. According to the CBN, the Retail Secondary Market Intervention Sales (SMIS) received $264.1m just as the Wholesale window got $100m offer from the Bank. This follows last week’s intervention in the wholesale, Small…