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NAIRA FALLS AGAIN DESPITE $10,000 RELEASE TO BDC

 

cbn2-300x168 NAIRA FALLS AGAIN DESPITE $10,000 RELEASE TO BDC

 

 

 

 

 

In keeping to the new policy, BDCs get $10,000 more today – The Central Bank of Nigeria (CBN) would release an additional $10,000 intervention fumd to the Bureau de Change (BDC) segment of the market today. CBN’s Acting Director of Corporate Communications, Isaac Okorafor, said in a statement yesterday that the special intervention of $10,000 for BDCs, is meant to meet the upsurge in the forex requests of low-end customers, which have been on the increase in the past few days. He said the special intervention does not in any way contradict the Bank’s newly amended sale policy of selling not more than $10,000 only to BDCs once a week, saying the intervention arose due to the increasing demand for forex by Nigerians to address other legitimate needs. Okorafor said the apex bank is collating retail requests from authorized dealers upon which sale would be finalized. But despite the supply by the apex Bank ,Naira weakens against dollar at parallel market – The Naira on Wednesday, weakened against the Dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency lost 8 points to exchange at N398, weaker than N390 recorded on Tuesday, while the Pound Sterling and the Euro closed at N485 and N415. At the Bureau de Change (BDC) window, the Dollar was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430. Trading at the interbank window saw the Naira closed at N306.2 to the Dollar. Traders at the market said that they expected the Naira to appreciate by Thursday as BDCs gets additional dollar allocation from CBN.

LSETF approves N1.7bn loans to 1,400 beneficiaries – The Lagos State Employment Trust Fund (LSETF) has so far approved up to N1.7 billion loans for 1,400 beneficiaries who are at different stages of fulfilling requirements for disbursement. LSETF is an initiative of the Lagos State government to invest N25 billion over four years to empower Lagosians engaged in micro, small and medium enterprises (MSMEs) and boost job creation in the state by granting loans at 5 percent per annum. Executive Secretary, LSETF, Mr. Akintunde Oyebode, disclosed during an interactive session with the media, in Lagos, that the target is to have disbursed loans to at least 100,000 businesses creating up to 1 million jobs by 2019. “As at today, we have so far approved up to N1.7 billion to 1,400 beneficiaries. Those beneficiaries are at different stages of fulfilling the requirements for the disbursement. But we expect that by the time we are reviewing this strategic funding in 2019, our target is to have disbursed loans to at least 100,000 businesses and all our programmes should translate into creation of 1 million jobs,” he stated.

featured image is from google image

 

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