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CBN intervenes in Agric, airlines, petroleum, others with $293m

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Nigeria’s currency, the naira, strengthened on Friday following the intervention of the Central Bank of Nigeria (CBN) in the Retail Secondary Market (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293 million.

The intervention was in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

The naira on Friday gained N0.37k over the U.S dollar as it was quoted at N360.85k to the dollar, compared to N361.22k traded the previous day at the investors and exporters forex window, data from FMDQ revealed.

The local currency was stable at the CBN’s official window, trading at the rate of N305.85k per dollar on Friday. However, the naira lost N1.00k  in its exchange value to the US dollar, at the Bureau De Change (BDC) segment, where it closed at N364 per dollar as against N363/$, data from Naijabdc revealed.

At the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the naira also strengthened marginally by 0.01 percent as it closed at N361.26k on Friday from N361.30k on Thursday.

A statement from Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department, indicated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity in the foreign exchange market and enhance production activities.

 Okorafor explained that the CBN would continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

At the money market on Friday, the 30-Day Nigeria Inter-Bank Offered Rate (NIBOR) decreased to 13.62 percent, whilst 90-Day and 180-Day increased to 15.31 percent and 16.99 percent respectively, according to a report by FSDH Research, a subsidiary of FSDH Merchant Bank limited.

 Nigerian Treasury Bills (NTBs) rates dropped further by an average of 15 basis points as there was continued demand for bills.

 The bearish sentiment in the bond market persisted with particular sell-off on the March 2027 and April 2037 FGN Bonds. Overall, bond prices dropped by an average of 35 kobo from the day’s opening level.

The post CBN intervenes in Agric, airlines, petroleum, others with $293m appeared first on BusinessDay : News you can trust.

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