{"id":11601,"date":"2017-03-17T16:11:11","date_gmt":"2017-03-17T15:11:11","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11601"},"modified":"2017-03-17T16:11:11","modified_gmt":"2017-03-17T15:11:11","slug":"cbn-injects-fresh-100m-into-forexmarket","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-injects-fresh-100m-into-forexmarket\/","title":{"rendered":"CBN injects fresh $100m into forexmarket"},"content":{"rendered":"

The Central Bank of Nigeria onThursday said it would on Friday release the sum of $100m to authorised dealersto meet the requests of genuine customers in the interbank segment of theforeign exchange market.<\/p>\n

The release ofthe forex, according to the apex bank, followed bids from authorised dealersfor the amount.<\/p>\n

The CBN Director, CorporateCommunications Department, Mr Isaac Okoroafor, while confirming the release ina statement said no intervention was made on Thursday in the market.<\/p>\n

The statementread in part, \u201cthe Central Bank of Nigeria has offered and received bids for$100m from authorized dealers in the interbank market to meet the requests ofgenuine customers.<\/p>\n

\u201cThe sales willbe settled on Friday, March 17, 2017 and no\u00a0\u00a0intervention\u00a0\u00a0 was\u00a0\u00a0 made\u00a0\u00a0 by\u00a0\u00a0the\u00a0\u00a0 Bank\u00a0\u00a0 to\u00a0\u00a0 meet requests for invisibles onThursday.\u201d<\/p>\n

Okorafor\u00a0\u00a0reiterated\u00a0\u00a0 that\u00a0\u00a0 the\u00a0\u00a0 CBN\u00a0\u00a0 wouldcontinue\u00a0\u00a0 to\u00a0\u00a0 make\u00a0\u00a0 necessaryinterventions\u00a0\u00a0 in\u00a0\u00a0 the\u00a0\u00a0 interbank\u00a0\u00a0market\u00a0\u00a0 to\u00a0\u00a0 meet\u00a0\u00a0 all\u00a0\u00a0legitimate\u00a0\u00a0 transaction- based foreign exchange demands bycustomers.<\/p>\n

The apex bank hadin its last auction sale offered $150m to the\u00a0\u00a0 interbank\u00a0\u00a0market\u00a0\u00a0 with\u00a0\u00a0 the\u00a0\u00a0 highest\u00a0\u00a0bid\u00a0\u00a0 rate\u00a0 at\u00a0 N335 to a dollar while\u00a0\u00a0 themarginal rate was N320 to the dollar.<\/p>\n

The CBN onThursday said it had sold more Treasury bills than originally planned at anauction after it lured demand for one-year debt with yields above inflation.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The bank raisedN253.8bn at an auction on Wednesday, N40bn more than it had offered to sell.<\/p>\n

It offered theone-year bill at 18.55 per cent to raise N166.3bn, against a yield of 18.49 percent at its last auction and higher than February\u2019s inflation rate of 17.78 percent.<\/p>\n

The central bankhas been selling bills with yields below inflation in recent months to curbborrowing costs as it aims to fund half of this year\u2019s forecast budget deficitof N2.36tn ($7.50bn) through the domestic debt market.<\/p>\n

Yields on thesix-month bill were unchanged from the last sale at 17.20 per cent to fetchN48.5bn, while a N39bn bill due in three month was sold 13.60 per cent against13.65 per cent previously.<\/p>\n

Total demandstood at N216.38bn against N312.44bn at the last sale.<\/p>\n

On Thursday, theDebt Management Office also issued more bonds than it originally planned at anauction after slowing inflation rate helped it offer debt at lower yields.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria onThursday said it would on Friday release the sum of $100m to authorised dealersto meet the requests of genuine customers in the interbank segment of theforeign exchange market. The release ofthe forex, according to the apex bank, followed bids from authorised dealersfor the amount. The CBN Director, CorporateCommunications Department, Mr …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36],"coauthors":[2392,2393],"class_list":["post-11601","post","type-post","status-publish","format-standard","","category-news","tag-cbn"],"yoast_head":"\nCBN injects fresh $100m into forexmarket - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-injects-fresh-100m-into-forexmarket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN injects fresh $100m into forexmarket - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria onThursday said it would on Friday release the sum of $100m to authorised dealersto meet the requests of genuine customers in the interbank segment of theforeign exchange market. 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