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Nairaland Forum / Nairaland / General / Business / CBN Injects More $240m Into Forex Market To Further Strengthen Naira (288 Views)
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CBN Injects More $240m Into Forex Market To Further Strengthen Naira by FavoredGuy: 4:46pm On Apr 03, 2017 |
The Central Bank of Nigeria (CBN),
Monday, injected another $240
million into the nation’s foreign
exchange market to sustain
Naira’s gains against the Dollar
and other hard currencies.
Governor, Central Bank of Nigeria
(CBN), Mr Godwin Emefiele
Of that amount, $90 million was
to meet requests for invisibles
such as BTA/PTA, medical and
school fees. The balance of $150
million was given to authorized
FOREX dealers in the interbank
wholesale auction window.
The Bank’s Acting Director in
charge of Corporate
Communications, Isaac Okorafor,
confirmed the figures, disclosing
that the CBN had adjusted BDC
sale days to Tuesdays only to
reduce logistical difficulties.
He added that henceforth the
apex Bank would sell $10,000
only to low-end forex dealers
once a week, instead of the twice
weekly earlier announced.
According to Okorafor, in a bid to
further ease the access of
customers, the CBN has also
directed all banks to pay cash
over the counter to desiring
foreign exchange customers.
While urging the banks to oblige
the genuine requests of
customers, the spokesman
advised customers to report any
uncooperating bank to the CBN
through available platforms.
It will be recalled that the CBN in
the recent months has made
offers and releases to the inter-
bank foreign exchange market in
its bid to sustain forex rule supply
to different categories of users.
Meanwhile, the CBN spokesman
expressed optimism that the sum
of $150 million offered to
authorized FOREX dealers in the
interbank wholesale window to
meet the requests of genuine
wholesale customers would be
fully subscribed at the auction as
was the case at the last auction
on March 28, 2017. Source: Vanguardngr.com |
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