THERE are strong indications that the demand for foreign exchange by authorized dealers has slumped, as the dealers were only able to pick $45 million out of the $100 million offered by the CBN on wholesale spot. Industry experts have attributed the slump in demand to the rate of forex liquidity being pumped into the system by the CBN, noting that it is only a matter of time before the dollar begins another round of crash. The experts also attributed the new trend to the general cash crunch in the financial system. The dollar has also crashed against major currencies
since US President Donald Trump’s surprising declaration that China is not manipulating the value of the yuan. Acting Director of Corporate Communications CBN, Isaac Okorafor, said in a statement that the major injections made by the Bank in the course of the week were aimed at providing access to all stakeholders with legitimate need for forex. “The CBN remains upbeat that the forex market will remain liquid and that Nigerians who genuinely require the forex will get ample access to the currency,” Okorafor noted. It will be recalled that the CBN made special
interventions in the Bureau de Change Segment of the forex market and capped up an eventful period with the opening of a new window for Small and Medium Enterprises (SMEs). These special interventions are in addition to over $500 million dollars offered to dealers in the wholesale and retail segments in the
past week. Okorafor had disclosed that the new window for SMEs provides small scale importers an avenue to source forex to boost their respective business through the importation of eligible finished and semi-finished items at not more than $20,000 per quarter per enterprise.


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  • vic

    MATTERS OF THE MOMENT:

    RE: GODWIN EMEFIELE, PAY ATTENTION TO MY REPEAT REMINDERS TO YOU ON BEHALF OF DIASPORA FOR THE USE OF INTERNATIONAL NAIRA MASTER CREDIT CARDS ABROAD WITH UPPER WITHDRAWAL LIMITS AND THE ATTENDANT ADDITION WITHDRAWAL RESTRICTIONS

    GODWIN EMEFIELE, AS I ADVISED YOU MANY TIMES BEFORE, PLEASE ALLOW THE USE OF INTERNATIONAL NAIRA CREDIT CARDS FOR THE DIASPORA AND PENSIONERS RESIDENT ABROAD TO WITHDRAW FOREX FROM ATM MACHINES ABROAD WITH DAILY UPPER LIMITS AS WAS THE CASE BEFORE. HOWEVER, CONTINUE TO BAN THE PURCHASE OF FOREIGN GOODS AND SERVICES USING THE INTERNATIONAL NAIRA MASTER CARDS. BVN SAFEGUARDS THE USE OF MULTIPLE INTERNATIONAL NAIRA MASTER CARDS, SO YOU HAVE NOTHING TO WORRY ABOUT.