Business

CBN provides $317.52m, CNY58.40m forex for agric, raw materials

The Central Bank of Nigeria (CBN), on Friday, provided $317.52 million and 58.40 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw material sector.
The CBN Director, Corporate Communications, Mr. Isaac Okorafor, disclosed that the sale in the Chinese Yuan was done through a combination of Spot and Short-tenored Forwards.
He said the Chinese Yuan was made available only to customers with Renminbi denominated Letters of Credit for agriculture as well as raw materials and machinery.

 

[penci_blockquote style=”style-2″ align=”none” author=””]The CBN spokesman said the apex bank remained committed to ensuring that all sectors continued to enjoy access to foreign exchange required for business, whether in U.S dollars or Chinese Yuan.[/penci_blockquote]
Okorafor said the availability of Renminbi would eventually ease pressure on the Nigerian foreign exchange market.
According to him, Friday’s sale would also ease trade transactions between Nigeria and China and maintain financial market stability in the country.
The CBN spokesman said the apex bank remained committed to ensuring that all sectors continued to enjoy access to foreign exchange required for business, whether in U.S dollars or Chinese Yuan.

 

[penci_related_posts taxonomies=”undefined” title=”Online Related Posts” background=”” border=”” thumbright=”no” number=”4″ style=”grid” align=”none” displayby=”recent_posts” orderby=”random”]
It will be recalled that the CBN had on Tuesday, intervened in the inter-bank Foreign Exchange Market to the tune of $210 million, therefore Friday’s intervention was the second in the week.
Meanwhile, a dollar exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY 1 exchanged for N53 in Abuja.

Comment With Facebook

Comments (142)

  1. The author is known by the url of Violeta but she never really liked that name or company name. My friends say it’s not good for me personally but what i love doing is to jog and I’ll be starting something else along along with it. For years he’s been has Vermont. I am currently a cashier and it is something I actually enjoy. You can find my website here: #link#

  2. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your blog? My blog is in the very same area of interest as yours and my visitors would certainly benefit from some of the information you provide here. Please let me know if this okay with you. Appreciate it!

  3. Thanks for the article

  4. I’m Rhett Personnel. As a man what I really like is to model trains and I am starting something else along as well as. Her family lives in North Carolina. Administering databases is how she makes money but she intentions of changing it also. I am running tweaking a blog here: #link#

  5. Hey, I think your site might be having browser compatibility issues. When I look at your blog site in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, great blog!|

  6. You could definitely see your expertise in the article you write. The world hopes for even more passionate writers such as you who aren’t afraid to mention how they believe. All the time go after your heart.|

  7. Thank you for sharing your info. I truly appreciate your efforts and I am waiting for your next post thanks once again.|

  8. If you wish for to obtain a good deal from this paragraph then you have to apply these methods to your won webpage.|

  9. Very shortly this web page will be famous among all blogging visitors, due to it’s good articles|

  10. If you are going for best contents like I do, simply pay a quick visit this website everyday since it offers quality contents, thanks|

  11. The author’s name is Lance. Her husband and her live in California. He works as being a messenger but he’s always wanted his own business. It’s not a common thing but what she likes doing is perform curling but she’s been taking on new things lately. If you want to find out more check out his website: #link#

  12. My brother suggested I may like this website. He used to be entirely right. This post truly made my day. You can not imagine just how much time I had spent for this info! Thank you!|

  13. There are certainly a lot of details like that to take into consideration. That is a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith. I don?t know if best practices have emerged around things like that, but I am sure that your job is clearly identified as a fair game. Both boys and girls feel the impact of just a moment?s pleasure, for the rest of their lives.

  14. Good day! This is kind of off topic but I need some guidance from an established blog. Is it very hard to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to start. Do you have any ideas or suggestions? Appreciate it|

  15. Hi correct. My name is Rayna. Office supervising is his normal work for a while. California is where home is terrifying have shipped I need here. It’s accomplish common thing but what she likes doing is coin collecting but she can’t makes it her vocation. Check out the latest news on my small website: #link#

  16. Miss Friel is what’s written on her behalf birth certificate and she totally digs that word. Supervising has been my profession for a long while but I plan on changing which. His wife doesn’t like it the way he does but what he really likes doing is researching fashion but he can’t render it his line of work. My husband and I chose to reside California. If you want to find out more check out his website: #link#

  17. Hello there, I discovered your website by the use of Google even as looking for a similar topic, your web site got here up, it appears great. I’ve bookmarked it in my google bookmarks.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.