Naira to Appreciate Further as CBN Boosts Forex Sale

  • Naira to Appreciate Further as CBN Boosts Forex Sale

The naira is set to appreciate further in the week as the Central Bank of Nigeria (CBN) plans to inject more foreign exchange (forex) into the market to meet the requests of genuine customers.

The spokesman of CBN, Mr. Isaac Okorafor, said this yesterday in Lagos.

The News Agency of Nigeria (NAN) reported that the CBN has so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

The statement said the bank was committed to ensuring that authorised dealers get sufficient supply to meet the demands of authentic customers of banks.

It disclosed that the bank has since February offered over one billion dollars to the interbank forex market.

The central bank expressed optimism that stability had been restored to the forex market.

According to the statement, individuals can easily access forex to address personal and business allowances.

A summary of the CBN intervention in the interbank market over the past two months, showed that the highest bid was N360 per dollar while the lowest was N315 per dollar.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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