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THE NATION         Business Times   Headlines   Lagos Weekend   Saturday Times   Sporting Times   Sunday Times   Times Home Studies   Times Review     The Nation   Politics   World Digest   Marketing   Business   Health   Sports   Corrections     Editorials   Op-Ed   Readers' Letters     Beauty   Books   Cartoons   Education   Environment   Events   Fashion   Fitness   Jobs   Junior Times   Homes   Leisure   Living   Magazine   Movies   Photos   Property   Security   Shopping   Taste   Travel   Workplace    GUEST BOOK  CHAT ROOM CONTACTS:   CEO   Editor   Advertising   Info   Sales GUESTBOOK | CHATROOM | SEARCH DAILY TIMES:   powered by FreeFind CBN withdraws N75bn from banks:�To reduce demand pressure on Forex market AMAKA IFEAKANDU AS part of measures to reduce demand pressure in the foreign exchange market, the Central Bank of Nigeria (CBN) will this week withdraw N74.5 billion public sector funds deposited in banks. The withdrawal of the fund, according to CBN, would be effective from July 21. A statement issued by the Monetary Policy Committee of CBN for June said the policy action represents a tightening of policy instance. CBN said the move was designed to stem the continued high demand pressure in the foreign exchange market and high inflation rate. The statement, however, pointed out that the daily average demand for forex remained high at $46.03 and $47.90 million in June and May this year respectively while the level of gross official external reserves recorded a modest increase during the period under review despite the substantial rise in net inflow. The apex bank said the nation currency appreciated marginally in the Dutch Action System (DAS) during the month due to increased supply of foreign exchange by CBN. At the Bureaux de Change (BDC) segment of the forex market, it said the naira depreciated against dollar, leading to further widening of the spread between DAS and BDC exchange rates. However, the growth in monetary aggregates, remained broadly within the programme target due to the continued fall in bank credit to the Federal Government. The committee emphasised the need for proactive monetary policy actions to ensure the sustenance of the development, recognising the potential risk to micro-economic stability posed by anticipated bunched government spending on capital projects during the second half of the year. In this regard, CBN said the phased recall of public sector funds with the deposit money banks would be sustained until the need for re-injection of liquidity arose. Monday, July 19, 2004

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