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CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market.

The apex Bank in its desire to meet customers’ needs in the various segments of the market, offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

According to figures obtained from the Bank on Tuesday, June 12, 2018, customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

It will be recalled that last week, CBN approved an upward review of the trading margin available to operators of Bureau De Change (BDC) in the country, allowing BDC operators could buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360, thereby leaving them with a positive margin of N3.00 per dollar sold.

Meanwhile, the Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the Bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Mr. Okorafor reiterated that the CBN would sustain its strategic management of forex, with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

The Bank last Monday, June 4, 2018, intervened to the tune of $210 million to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued its stability, exchanging at an average of N360/$1 in the BDC segment on Tuesday, June 12, 2018.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.
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