CBN clears backlog of forex
By Niyi Olaoye
Following the announcement by the Central Bank of Nigeria (CBN) on plans to clear all existing backlog of Foreign Exchange (forex) demand in the country and the recent commencement of trading on the Nigeria Interbank Foreign Exchange (NIFEX), the naira plunged to 280 against the dollar at the interbank market on Monday evening as the Central Bank of Nigeria (CBN) sold foreign exchange to 21 bidding banks to clear the forex backlog and solve liquidity problems.
The naira which opened on Monday at about 253 to the dollar at the interbank market went up to 263, before settling at 260 in the evening.
Similarly, the Acting Director of Communications (CBN) Mr. Isaac Okorafor, said that the move was to ensure the survival of the inter-bank forex trading under the new forex guidelines, which took effect from Monday, June 20.
The CBN forex backlog is estimated at four billion dollars. Okorafor said that all existing legitimate forex demand for imports, school fees and medicals, among others, would be met.
“In order to engender confidence, ensure credible price formation and sustain the integrity of the Nigerian inter-bank forex market, the CBN has resolved to clear all the back log of forex demand in the country. “This will be done through spot and forward settlements,” he said.
While unveiling the broad forex market framework, Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), had said the FXPDs will be able to deal in minimum sizes of $10 million for spot transactions and at least $5 million for forwards, Forex swaps and futures.
The Foreign Exchange Primary Dealers (FXPDs) system is one where interested Authorized Dealers are accorded access to transact FX products directly with the CBN.
FX Primary Dealers (FXPD) authorised by the CBN would deal directly with the apex bank for large trade sizes on a two-way quote basis.
Under the guidelines for primary dealership in forex products, FXPDs will operate with other dealers in the Inter-bank market, amongst other obligations that will be stipulated in the Foreign Exchange Primary Dealers (FXPD) regulation.
Thank you for every single other informative website. Where in addition may We are getting that sort of information written in such an best method? I’ve a venture that i am simply now running on, and I am at the glance out for this kind of information.
I just want to mention I am just all new to weblog and certainly loved this blog. Probably I’m planning to bookmark your blog post . You absolutely have fantastic stories. Many thanks for revealing your blog.
Can you please send by e-mail me the code for this script or please inform me in detail about this script?
I simply want to say I am newbie to blogging and really enjoyed this web blog. Very likely I’m want to bookmark your blog post . You certainly have impressive articles and reviews. Regards for sharing your blog.
I just want to say I am just all new to blogs and honestly savored your web blog. Probably I’m want to bookmark your site . You amazingly come with very good article content. Thank you for sharing your webpage.
I simply want to tell you that I’m newbie to blogging and truly liked you’re blog. Almost certainly I’m want to bookmark your blog post . You absolutely come with fabulous stories. With thanks for sharing with us your blog site.
I simply want to say I’m all new to blogs and certainly liked this blog. Probably I’m want to bookmark your website . You surely have exceptional article content. Thank you for sharing your web page.
Le numéro 9 est Japonais et non Chinois. (Même sans lire le Japonais le petit signe ?devant le prix nous indique bien que ce sont des Yen).
I just want to say I’m new to blogging and absolutely liked you’re blog. Almost certainly I’m planning to bookmark your blog . You absolutely have impressive article content. Appreciate it for sharing your blog site.
I simply want to say I am just all new to weblog and actually enjoyed your web page. Likely I’m planning to bookmark your website . You surely have awesome writings. Thank you for sharing your web site.
I simply want to tell you that I am new to blogging and seriously savored this web blog. Very likely I’m likely to bookmark your website . You certainly come with good writings. Thank you for revealing your web site.
I just want to tell you that I am just new to blogs and absolutely savored this blog. Probably I’m want to bookmark your blog . You definitely have wonderful article content. Appreciate it for sharing with us your web site.
I simply want to tell you that I’m all new to blogging and site-building and actually liked this web page. Almost certainly I’m want to bookmark your blog . You amazingly come with amazing articles. With thanks for sharing your website.
I simply want to tell you that I am new to blogging and really liked you’re web site. More than likely I’m planning to bookmark your blog post . You really come with outstanding stories. Kudos for revealing your web site.
Very well written post. It will be beneficial to anyone who employess it, including me. Keep up the good work – can’r wait to read more posts.
you have a great blog here! would you like to make some invite posts on my blog?
Wow in actual fact a great post. I like this.I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him. Overall, Lots of great information and inspiration, both of which we all need!
Well said, 100 agree.
I was very encouraged to find this site. I wanted to thank you for this special read. I definitely savored every little bit of it and I have you bookmarked to check out new stuff you post. http://www.homedecorated.net
Usually I do not post on blogs, but I would like to say that this article really forced me to do so! Thanks, really nice article.
This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.
It’s impressive that you are getting ideas from this article as well as from our discussion made at this time.|
Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.
Aloha, I found your blog on Bing Weblogs and think it is pretty intriguing and delivers fantastic material. Thank you regarding this superb post, I will certainly promote this on Twitter. Have a pleasant day on interior design ideas for home and office
I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. From: home interior decoration design ideas
Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?
Hey, thanks for sharing I always look forward to reading your posts one of the few blogs I still follow home decorated
Never Ever give up: Even though you fail initially; Dont manage to get a great deal of views at first, do your self a favour, do not give up.
An additional issue is that video games are usually serious naturally with the main focus on learning rather than amusement. Although, there is an entertainment factor to keep children engaged, each game is often designed to focus on a specific group of skills or program, such as instructional math or scientific discipline. Thanks for your post.
Good read, enjoyed it!
download film terbaru sub indo has diamond like clarity and also in order for this to be striking you must use both that and.
Pingback: APK Games Download