210 million into the inter-bank Foreign Exchange Market. The forexinjection was inline with its desire to ensure that forex is available for customers’ needs in various segments of the market. Isaac Okorafor, confirmed the figures and reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability. Bank was poised to taking more sound decisions needed for louis technology forex development.
Do you get a good or bad response from your wife after making love? Should Real Madrid defender, Sergio Ramos, face disciplinary action for his challenge on Liverpool’s star, Mohammed Salah, during the UEFA Champions League final? LASU landlords now to pay N1. N360 to N350 to the dollar— in the interest of the economy and operators.
President Aminu Gwadabe, who spoke yesterday after an emergency meeting with 3,500 CBN-licensed BDCs in Lagos, said the operators’ businesses may go underground unless the CBN listens to their demands. He said small transaction margins charged by BDCs are not sufficient to keep their operations going, with many operators running at a loss and unable to pay their workers’ salaries. Gwadabe, who was represented by ABCON National Treasurer, Gbadamosi Moh-Murtala, said the CBN has also been informed on the need to change the commission on transaction of BDCs from N2 to 3. 5 per cent of the transaction volume for the sustainability of their businesses. We are happy that the exchange rate is appreciating. The major problem now is how BDCs can operate without making losses.
Many of the BDCs are buying at higher prices and selling lower prices. They sometimes sell below CBN’s rate which is N360 to dollar. According to the ABCON boss, the CBN should at the meantime, peg the BDCs buying rate at N358 to dollar to enable them sell at N360 to dollar while it works on longer-term plan of cutting the rate to N350 to dollar and allow them sell at N355 to dollar. BDCs following the rate disparity that does not favour the BDCs.