P
ProfRem
Guest
The Central Bank of Nigeria (CBN) on Tuesday announced spot sales of $100 million to interested Small and Medium Enterprises (SMEs) through its newly opened forex window for small scale importers.
The good news is for Small and Medium Enterprises (SMEs) involved in the importation of critical and eligible finished and semi-finished products.
Also on Tuesday, the CBN released its results of seven-30 days forwards wholesale of $100 million, even as authorised dealers subscribed fully to the $100 million offered by the CBN at the forex auction in the interbank wholesale window the previous day.
Meanwhile, the various interventions at both the interbank market and Bureau De Change (BDC) window notwithstanding, the naira still sustained its loss against the dollar at the parallel market.
The local currency on Tuesday afternoon exchanged between N405 (buying rate) and N410 selling rate at the parallel market. This showed that it was weaker than the N405 traded on Monday.
The good news is for Small and Medium Enterprises (SMEs) involved in the importation of critical and eligible finished and semi-finished products.
Also on Tuesday, the CBN released its results of seven-30 days forwards wholesale of $100 million, even as authorised dealers subscribed fully to the $100 million offered by the CBN at the forex auction in the interbank wholesale window the previous day.
Meanwhile, the various interventions at both the interbank market and Bureau De Change (BDC) window notwithstanding, the naira still sustained its loss against the dollar at the parallel market.
The local currency on Tuesday afternoon exchanged between N405 (buying rate) and N410 selling rate at the parallel market. This showed that it was weaker than the N405 traded on Monday.
