Naira is more stable after stopping Forex allocation to BDC operators – Emefiele
Godwin Emefiele, Governor, Central Bank of Nigeria, CBN, says the discontinuation of Forex allocation to Bureau De Change operators had helped the Naira to remain stable at the Investors and Exporters Window, I&E, window.
Mr Emefiele said this at the 32nd Seminar organised by the CBN, for Finance Correspondents and Business Editors, on Thursday in Akure, Ondo.
His message was delivered virtually by the Deputy Governor, Corporate Services, CBN, Edward Adamu.
The seminar has, “Exchange Rate Management and Economic Diversification in Nigeria: The ‘PAVE’ Option,” as theme.
“As a result of our demand management policy, the naira has remained largely stable at the I & E window, particularly since the discontinuation of FX allocation to Bureau De Change operators along with the convergence between the CBN and NAFEX rates.
” Banks are now able to meet the demands of their customers seeking forex for SMEs, school fees, medical and PTAs,” Mr Emefiele said.
Read Also:CBN disburses N1.3 trn to support power supply
He said that the Bank established an Investors and Exporters Window (I&E) to allow for purchase and sale of FX at prevailing market rate.
According to CBN, in 2021, the naira maintained relative stability at N411.50/ US$ in August but depreciated to N414.33/US$ in Dec. 2021.
As at Feb, 2022, the exchange rate stood at N416.98/US$.
The CBN for quite some time now has operated a managed float exchange rate system.
Under the system, in line with its exchange rate stability mandate, it has strived to intervene in the market by supplying foreign exchange.
Mr Emefiele listed other measures taken by the CBN that had yielded result.
He said that they include partnership with commercial banks to go after Nigerians who falsely bought dollars under the pretense of traveling abroad and ended up roundtripping.
“The Central Bank of Nigeria had also sanctioned Bureau De Change (BDC) operators for illegal forex trading and discontinued the sale of forex to the Bureau operators in Nigeria.
“In addition, licensing of new BDCs was suspended. The CBN also introduced the ‘Naira 4 Dollar Scheme’ to encourage diaspora remittances.”
He said that remittance inflows had been supported by the ‘Naira for Dollar’ scheme, and there had been a surge in the inflows.
“It is heartening to note that these policies are yielding positive results in terms of meeting genuine demand for foreign exchange and exchange rate stability,” he said.
Mr Emefiele said the seminar had continued to deepen the knowledge and understanding of Business Editors and Financial Correspondents about CBN’s policies and initiatives.
He said that editors and finance correspondents were expected to play a critical role in public sensitisation towards the success of reform efforts.
He said the theme of the seminar was very pertinent.
NAN
382165 858920This will probably be a fantastic internet site, will you be involved in performing an interview regarding how you developed it? If so e-mail me! 607042
150795 817632You ought to experience a contest personally with the finest blogs on-line. Im going to suggest this page! 104104
I don’t even know the way I finished up here, but I assumed this submit was great. I don’t recognize who you are but certainly you’re going to a famous blogger if you happen to aren’t already 😉 Cheers!
Thank you, I have just been looking for info about this topic for ages and yours is the greatest I’ve discovered so far. But, what about the conclusion? Are you sure about the source?
I’m really loving the theme/design of your web site.
Do you ever run into any internet browser compatibility
problems? A number of my blog readers have complained about my site not operating
correctly in Explorer but looks great in Opera. Do you
have any solutions to help fix this issue?
my web page … tracfone coupon
I simply couldn’t depart your website prior to suggesting that I really enjoyed the usual info a person supply for your guests?
Is gonna be back ceaselessly in order to investigate cross-check new
posts
Feel free to visit my page: 2022
I enjoy the efforts you have put in this, thankyou for all the great posts.
Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!
You can certainly see your expertise in the paintings you write. The sector hopes for more passionate writers such as you who are not afraid to mention how they believe. At all times go after your heart. “Until you walk a mile in another man’s moccasins you can’t imagine the smell.” by Robert Byrne.
Very efficiently written post. It will be useful to everyone who usess it, as well as me. Keep doing what you are doing – can’r wait to read more posts.
Your home is valueble for me. Thanks!…
Lovely just what I was looking for.Thanks to the author for taking his clock time on this one.
What i do not realize is actually how you’re not really much more well-liked than you may be now. You are very intelligent. You realize thus significantly relating to this subject, made me personally consider it from so many varied angles. Its like men and women aren’t fascinated unless it is one thing to do with Lady gaga! Your own stuffs nice. Always maintain it up!
Enjoyed reading through this, very good stuff, appreciate it.
I was wondering if you ever considered changing the page layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two images. Maybe you could space it out better?
There is apparently a lot to realize about this. I consider you made certain nice points in features also.
Thank you for another informative site. Where else could I get that kind of info written in such a perfect way? I’ve a project that I’m just now working on, and I have been on the look out for such information.
Magnificent beat ! I wish to apprentice while you amend your web site, how could i subscribe for a blog website? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear idea
Saved as a favorite, I really like your blog!
very good submit, i actually love this website, carry on it
Hey there, You’ve done an incredible job. I’ll definitely digg it and personally suggest to my friends. I am sure they will be benefited from this site.
This is a topic close to my heart cheers, where are your contact details though?
You can certainly see your expertise in the paintings you write. The arena hopes for even more passionate writers like you who are not afraid to mention how they believe. At all times go after your heart.
I will immediately clutch your rss feed as I can’t in finding your email subscription link or e-newsletter service. Do you have any? Kindly allow me recognize in order that I may subscribe. Thanks.
Some genuinely interesting information, well written and broadly speaking user genial.
Some times its a pain in the ass to read what blog owners wrote but this site is rattling user friendly! .
You should take part in a contest for one of the best blogs on the web. I will recommend this site!
I am curious to find out what blog platform you’re working with? I’m having some minor security problems with my latest site and I’d like to find something more safeguarded. Do you have any suggestions?
How it affects you depends on how much you Live Chat With Women, your health, your age and other factors.
I got what you mean , thanks for posting.Woh I am thankful to find this website through google.
GlucoTrust is a revolutionary blood sugar support solution that eliminates the underlying causes of type 2 diabetes and associated health risks.
Boostaro increases blood flow to the reproductive organs, leading to stronger and more vibrant erections. It provides a powerful boost that can make you feel like you’ve unlocked the secret to firm erections
Puravive introduced an innovative approach to weight loss and management that set it apart from other supplements. It enhances the production and storage of brown fat in the body, a stark contrast to the unhealthy white fat that contributes to obesity.
Prostadine is a dietary supplement meticulously formulated to support prostate health, enhance bladder function, and promote overall urinary system well-being. Crafted from a blend of entirely natural ingredients, Prostadine draws upon a recent groundbreaking discovery by Harvard scientists.
With its all-natural ingredients and impressive results, Aizen Power supplement is quickly becoming a popular choice for anyone looking for an effective solution for improve sexual health with this revolutionary treatment.
Claritox Pro™ is a natural dietary supplement that is formulated to support brain health and promote a healthy balance system to prevent dizziness, risk injuries, and disability. This formulation is made using naturally sourced and effective ingredients that are mixed in the right way and in the right amounts to deliver effective results.
t’s Time To Say Goodbye To All Your Bedroom Troubles And Enjoy The Ultimate Satisfaction And Give Her The Leg-shaking Orgasms. The Endopeak Is Your True Partner To Build Those Monster Powers In Your Manhood You Ever Craved For..
GlucoFlush™ is an all-natural supplement that uses potent ingredients to control your blood sugar.
Nervogen Pro, A Cutting-Edge Supplement Dedicated To Enhancing Nerve Health And Providing Natural Relief From Discomfort. Our Mission Is To Empower You To Lead A Life Free From The Limitations Of Nerve-Related Challenges. With A Focus On Premium Ingredients And Scientific Expertise.
Sight Care is a natural supplement designed to improve eyesight and reduce dark blindness. With its potent blend of ingredients. https://sightcarebuynow.us/
The Clinically Proven Blood Sugar Support Supplement for Regulating Glucose Levels and Supporting Weight Loss https://amiclearbuynow.us/
Serolean, a revolutionary weight loss supplement, zeroes in on serotonin—the key neurotransmitter governing mood, appetite, and fat storage. https://seroleanbuynow.us/
EndoPump is a dietary supplement for men’s health. This supplement is said to improve the strength and stamina required by your body to perform various physical tasks. Because the supplement addresses issues associated with aging, it also provides support for a variety of other age-related issues that may affect the body. https://endopumpbuynow.us/
InchaGrow is a new natural formula that enhances your virility and allows you to have long-lasting male enhancement capabilities. https://inchagrowbuynow.us/
Metabo Flex is a nutritional formula that enhances metabolic flexibility by awakening the calorie-burning switch in the body. The supplement is designed to target the underlying causes of stubborn weight gain utilizing a special “miracle plant” from Cambodia that can melt fat 24/7. https://metaboflexbuynow.us/
Puralean incorporates blends of Mediterranean plant-based nutrients, specifically formulated to support healthy liver function. These blends aid in naturally detoxifying your body, promoting efficient fat burning and facilitating weight loss. https://puraleanbuynow.us/
GlucoBerry is one of the biggest all-natural dietary and biggest scientific breakthrough formulas ever in the health industry today. This is all because of its amazing high-quality cutting-edge formula that helps treat high blood sugar levels very naturally and effectively. https://glucoberrybuynow.us/
overing the latest beauty and fashion trends, relationship advice, wellness tips and more. https://gliz.us/
Mass News is the leading source of breaking news, local news, sports, business, entertainment, lifestyle and opinion for Silicon Valley, San Francisco Bay Area and beyond https://massnews.us/
Your source for Connecticut breaking news, UConn sports, business, entertainment, weather and traffic https://connecticutpost.us/
Latest Denver news, top Colorado news and local breaking news from Denver News, including sports, weather, traffic, business, politics, photos and video. https://denver-news.us/
News from the staff of the LA Reporter, including crime and investigative coverage of the South Bay and Harbor Area in Los Angeles County. https://lareporter.us/
Kingston News – Kingston, NY News, Breaking News, Sports, Weather https://kingstonnews.us/
The latest health news, wellness advice, and exclusives backed by trusted medical authorities. https://healthmap.us/
Maryland Post: Your source for Maryland breaking news, sports, business, entertainment, weather and traffic https://marylandpost.us/
Lake County Lake Reporter: Local News, Local Sports and more for Lake County https://lakereporter.us
Boulder News
Oakland County, MI News, Sports, Weather, Things to Do https://oaklandpost.us/
Vacavillenews.us covers local news in Vacaville, California. Keep up with all business, local sports, outdoors, local columnists and more. https://vacavillenews.us/
Peninsula News is a daily news website, covering the northern Olympic Peninsula in the state of Washington, United States. https://peninsulanews.us
Hi there just wanted to give you a quick heads up. The text in your content seem to be running off the screen in Firefox. I’m not sure if this is a format issue or something to do with web browser compatibility but I thought I’d post to let you know. The style and design look great though! Hope you get the issue solved soon. Kudos
Get Lehigh Valley news, Allentown news, Bethlehem news, Easton news, Quakertown news, Poconos news and Pennsylvania news from Morning Post. https://morningpost.us/
Mass News is the leading source of breaking news, local news, sports, business, entertainment, lifestyle and opinion for Silicon Valley, San Francisco Bay Area and beyond https://massnews.us/
Sweet internet site, super layout, real clean and use genial.
Evidence-based resource on weight loss, nutrition, low-carb meal planning, gut health, diet reviews and weight-loss plans. We offer in-depth reviews on diet supplements, products and programs. https://healthpress.us/
Perfectly written content, thanks for information. “He who establishes his argument by noise and command shows that his reason is weak.” by Michel de Montaigne.
Foodie Blog is the destination for living a delicious life – from kitchen tips to culinary history, celebrity chefs, restaurant recommendations, and much more. https://foodieblog.us/
Get Lehigh Valley news, Allentown news, Bethlehem news, Easton news, Quakertown news, Poconos news and Pennsylvania news from Morning Post. https://morningpost.us
Reading, PA News, Sports, Weather, Things to Do http://readingnews.us/
colibrim.com
It is in reality a nice and useful piece of information. I am glad that you shared this useful info with us. Please keep us informed like this. Thank you for sharing.