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In major policy shift, CBN cancels N2 3 trillion forex sales to BDCs

Economists and financial experts interviewed by Daily Trust expressed mixed feelings about the new policy and its immediate and long term implications. They predicted a shock that will further shot up the dollar rates at the parallel market, which will stabilise in the long run. They also blamed the CBN for the downside of the expunged practice. Emefiele also said the CBN will no longer continue registration of new BDCs as subsequent forex will be channelled through commercial banks. The CBN governor said as part of the new forex sales policy, all commercial bank branches will create a separate desk for the purpose.

External reserves gain $76 5 billion in seven days

In a curious twist of fate last week, there was a breather for the falling foreign exchange reserves. The figures gained an average of $76.5 million in seven days. The gross component gained $83.3 million between July 12 and July 19 to close at $33.17 billion while the liquid part climbed from 32.85 billion to 32.92 billion. The liquid reserve is the component available in cash/or equivalent while gross comprises liquid and blocked portion – part of the asset held in securities and other investments. As of July 19 when the most recent data were published, $251.46 million or 0.76 per cent of the total sum was blocked – the highest proportion since March 29.

Georgian Bluffs Awards Contract For Official Plan Update

Georgian Bluffs Awards Contract For Official Plan Update
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