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NIGERIA EARNS $309M FROM FOREX MARKET

NIGERIA EARNS $309M FROM FOREX MARKET

NIGERIA EARNS $309M FROM FOREX MARKET

 

BY OMOKHUALE PUAH

 

In a considerable surge from Friday’s transaction, the foreign exchange market has recorded an inflow of $309 million on Monday.

 

This was said by the Head of Market Regulator, FMDQ OTC security exchange, Bola Onadele. He told Reuters that the trade which includes $270 million transaction at 345 naira per dollar was by foreign investors buying local currency bonds.

 

He also said in his words, that “the inflow of forex cited the Nigerian naira firm from its opening N319.50, per $1, earlier in the day to N315.50, per $1, because the fresh inflows are meant to boost liquidity ratio and ease the pressure on the naira.

 

Due to the decision by the Central Bank of Nigeria, to suspend nine commercial banks from the market, the Nigeria forex market has experienced dollar scarcity in weeks past.

After the regulator of the United Bank of Africa (UBA) confirmed its remission to all the Nigerian Petroleum Corporation (NNPC) into the TSA, they were re admitted into the forex market, even as eight other lender banks remain suspended until they remit the funds back to the TSA.

 

 

 

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