• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

CBN introduces special FX intervention

Onome Ohwovoriole by Onome Ohwovoriole
November 29, 2018
in Politics
Naira depreciates as dollar sales top $100m a day at I&E window, Global Investment Trends Monitor, Foreign Direct Investment
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has increased its foreign exchange injections for Bureau De change (BDCs). The apex bank disclosed this in a circular released this evening.

According to the notice,

In addition to the existing market days of Monday, Wednesday and Friday, the CBN has introduced a special intervention day every Thursday for $15,000 per BDC commencing on Thursday, December 6, 2018.

The move, the apex bank disclosed was due to the approaching yuletide season and resultant increase in demand for foreign exchange for Personal/Business Travel Allowance.

RelatedStories

CBN, MPC

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025

The CBN also warned operators to ensure strict compliance with provisions pertaining to foreign exchange transactions. Any infraction, it stated, would be met with appropriate sanctions.

The Naira had earlier today hit a one year low of N370 to the dollar  at the parallel (unofficial) market.

Other triggers

The decline in the parallel market rate may also be connected to the fall in global crude oil prices. Oil prices, today fell below the $50 mark for the first time in a year,after hitting a $76 high in August.

Implication of the intervention

While the move may help stem demand at the parallel market, this could result in more pressure on the country’s foreign exchange reserves. The country currently has 2991 BDC’s. Assuming a 1000 of these BDC’s were to apply weekly, this would amount to an extra $15,000,000 defending the exchange rate.

Data from the CBN website, show the country’s gross foreign reserves stood at $41 billion as at yesterday.

CBN Governor Godwin Emefiele had few weeks ago warned speculators not to bet against a devaluation of the country’s exchange rate, against the US dollar.

 


Follow us for Breaking News and Market Intelligence.
Tags: CBNFX market
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

CBN, MPC
Financial Services

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
Next Post
Buy Sell Hold Stocks, This is why you need international stocks in your portfolio

Buy/Sell/Hold: Fix your eyes on these stocks for next week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics