CBN pump additional $350mn into forex market
06 March 2017 | 3:38 pm
The Central Bank of Nigeria pumped an additional 350 million dollars into the foreign exchange market over the weekend as part of its plan to sustain the positive momentum.
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The Central Bank of Nigeria says it will sell dollars to private individuals at 360 naira per dollar, as the naira continues to appreciate on the parallel market.
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The Central Bank of Nigeria plans to offer dollar forwards to be delivered within two months, in a bid to offset the backlog of matured forex obligations to fuel importers, manufacturers and airlines.
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The Central Bank of Nigeria has continued to inject foreign exchange into the markets.
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The Central Bank of Nigeria says its decision to slash the Monetary Policy Rate by 50 basis points was a signal to a new direction of its policy position. Muda Yusuf, Director General of the Lagos Chamber of Commerce and Industry joins CNBC Africa to discuss the wider implications of this new stance.
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Governor of the Central Bank of Nigeria, Godwin Emefiele will unveil his 5-year plan for his second term in office later today. Egie Akpata, Director General of Union Capital Markets joins CNBC Africa for the outlook of Nigeria’s capital market this week.
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