CBN Opens Forex Market With $195m Intervention

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CBN instructs banks to accept both old and redesigned naira notes
CBN instructs banks to accept both old and redesigned naira notes

Okorafor had said last week that the CBN leadership was quite impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country. He said the CBN would not continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau-de-Change segments of the market, even as he assured proper surveillance of the forex market to guarantee transparency in the sale of foreign exchange. Mr. Okorafor also encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands for foreign exchange within the time frame stipulated by the CBN. Meanwhile, the naira hovered at between N360 and N362/$1 in the BDC segment of the market on Monday, July 31, 2017. Business Day To Receive Free News Updates, Add To Your WhatsApp: 08033857245; For Adverts Enquiries, Call 08083609209, To Publish Your Articles Or News Stories, Email editor@skytrendnews.com. ]]>