By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Pumps $195m Into Forex Market
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Pumps $195m Into Forex Market

Farouk Mohammed
By Farouk Mohammed
Published: July 24, 2017
Share
2 Min Read
SHARE

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the foreign exchange (Forex) market.

The bank’s acting director in charge of corporate communications, Isaac Okorafor, said this in a statement.

Okorafor said the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME).

He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.

- Advertisement -

He noted that the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.
Performance

”The CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.”

Okorafor expressed optimism that the CBN intervention had put a check on the activities of speculators.

He also underscored the determination of the bank in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

- Advertisement -

Consequently, the naira is maintaining its steady rate against major currencies, exchanging for N363 to the dollar in the BDC segment of the market on Monday.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNForex Market
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article South-West Governors Meet Over Regional Development
Next Article West Ham Sign Chicharito For £16m From Bayer Leverkusen

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months
News
PDP Crisis Deepens as Rival Factions Prepare for Separate NEC and National Caucus Meetings in Abuja
Politics Top stories
Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations
Security
NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation
News
- Advertisement -
Ad imageAd image

You May Also Like

InternationalNews

Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

Aminu Dantata to be Buried in Madinah After Saudi Approval

Muhammad A. Aliyu
Muhammad A. Aliyu
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?