CBN Injects $498m in Forex Market in 1 Week

As it stated in Obinna ChimaThe Central Bank of Nigeria (CBN) final 7 days lifted the tempo of its foreign interchange (forex) intervention in the interbank market to a total of $498 million. Figures obtained from the central bank showed which it commenced the 7 days with initially injecting $210 mn & thereafter purveyed another $288 million. The forex intervention at the beginning of the 7 days was for the wholesale, small & medium scale enterprises (SMEs) & invisibles windows. Okorafor however, stressed which the CBN would not relent in its monitoring of the market to ensure which authorised dealers abide with the extant rules. According to Afrinvest West Africa Limited, the naira/dollar NOV 2017 contract with total price at US$543.1 mn going to be maturing this week.

Forex Market description (European Session) – Euro shines as SPD agrees to resume coalition talks; $ sinks to two-month low

Forex Market description (European Session) – Euro shines as SPD agrees to resume coalition talks; $ sinks to two-month lowFacebook Google Plus TweetEuro bulls pushed the euro to a new two-month high during the Eu session after upbeat readings on German business climate got better sentiment on the Eurozone's outlook & political dangers in Germany eased. The $ weakened even more amid a strengthening euro, When disappointing PMI readings added more losses to the currency. Businesses too remembered optimistic about their activities over the following 6 months, driving the relevant index up with 1.8 points to 110.0. However, it ought be mentioned which the Ifo institute stated which survey responses were gathered prior to the collapse of the coalition talks on Sunday. The German President, Frank Walker Steinmeier, noted which he would hold talks with Merkel & the SPD following week.

Naira Weakens As CBN Injects $288million Into Forex Market

referring to The Central Bank of Nigeria (CBN) discovered on Friday which it has injected $287.89million into the currency market to meet demands in 4 industries for dollars, extending efforts to boost liquidity & alleviate shortages. The 4 industries targeted were agriculture, airlines, petroleum & raw materials, the CBN told in a statement. Reuters quoted the country's apex bank as telling which it would still to intervene in order to drive development in the economy & guarantee stability in the currency market. The $ discound came on the back of the sharp down in the price of the naira from 361/dollar final 7 days Friday to 364/dollar on Friday. Okorafor reiterated the Bank's commitment to ensuring liquidity in the inter-bank sector of the market, adding which it would still to intervene in order to drive development in the economy & guarantee stability in the market.

collected by :John Locas