the Central Bank of Nigeria (. CBN ) at the weekend assured members of the public of its continued intervention in the interbank foreign exchange market in order to sustain liquidity and stability in the sector. Mr Raji Rasaki said the, cBN monetary regulation, to stabilise the economy was on track. It pointed out that the implementation of the system in Nigeria has created multiple ussd channels to customers, thereby increasing their exposure to risk, without common standard for all). In any business, there is always a gestation period. It will be recalled that the.
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Financial experts have commended the foreign exchange intervention move of the Central Bank of Nigeria (. CBN does not intervene in the forex market, then the exchange rate will be high, which will be sending wrong signals out. Forex trading activities towards the end of last week, the Central Bank of Nigeria (. CBN since February 2017 has been involved in massive interventions in all segments of the interbank market to ensure liquidity and availability of forex. CBN last week unveiled to members of the public an exposure draft on the regulatory framework for banking platform. CBN would continue to make necessary interventions to ensure the stability of the naira. Politicians, average Nigerians, even people selling local goods talk about exchange rate, hence the state our economy is, Adesola said. Rasaki further said that the level of the intervention would reduce, once Nigeria starts to earn forex from non-oil sector. Speaking on the matter, the Acting Director of Corporate Communications at the. This will make the country grow its external reserves instead of using proceeds from crude oil to defend the value of naira, she said.
Why CBN Forex Intervention Has No Terminal Date; hsbc Fined
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