Mr. Isaac Okorafor
Obinna Chima
The naira appreciated to N362 to a
dollar wednesday, stronger than the N366 to a dollar it was as at the
close of business on Monday.
This is just as the Central Bank of
Nigeria (CBN) once more intervened in the foreign exchange (FX) market
with the sum of $210 million.
The Bank offered the sum of $100 million
to authorised dealers in the wholesale segment of the market while
interests in the Small and Medium Enterprises (SMEs) segment received
the sum of $55 million.
Also, the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
Also, the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
Confirming the figures, the CBN’s Acting
Director, Corporate Communications Department, Mr. Isaac Okorafor, said
the Bank’s continued intervention forex market is to ensure the
availability of foreign exchange to genuine customers.
He urged the Deposit Money Banks (DMBs)
to continue to comply with the Bank’s directive to sell forex over the
counter to customers with legitimate needs so as to sustain the
confidence in the foreign exchange market.
The CBN recently ordered banks not to
deny genuine travelers Personal Travel Allowance (PTA) and Business
Travel Allowance (BTA) as there are enough dollar supplies to meet the
demand. This was followed by the CBN Governor, Mr. Godwin Emefiele
leading Bank Examiners to conduct on-the-spot assessment of FX sales in
banks on Monday.
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