Current Time: July 26, 2017 15:32:03pm Last Update: July 26, 2017 08:21:33am
Home|Forum|Conferences|Concepts|Research|TrueColour|Business Developemnt         
iWitness | Register | Login | Subscribe         

Business > Money Market
Naira to appreciate further ahead of Friday interventions by CBN
Addthis Facebook Twitter LinkedIn Gmail
By Staff Reporter
April 20, 2017 16:06:41pm GMT      |      Views: 287
Naira and Dollar in forex trading

WorldStage Newsonline-- The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, April 20, 2017, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano, following interventions by the Central Bank of Nigeria (CBN).

A market survey revealed that the Naira, which sold at over N405 to $1 as Monday this week, recorded a boost.

There were indications that the appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.

According to a source at the apex bank, the Naira is expected to appreciate further when the BDCs receive another tranche of $20,000 purchases from the CBN today, April 20, 2017.

The CBN in its bid to sustain supply of liquidity to the foreign exchange market, made special interventions by simplifying the documentation process for the SMEs to enable them import eligible items and also increased both the amount and number of sales to the BDCs.

Addthis Facebook Twitter LinkedIn Gmail







Share |




ADVERTISEMENT



Related News
- July 24, 2017 14:53:01pm GMT

- July 20, 2017 14:46:29pm GMT

- July 17, 2017 13:02:19pm GMT

- July 10, 2017 14:55:15pm GMT

- July 7, 2017 13:08:09pm GMT