Connect with us

Hi, what are you looking for?



Naira depreciates as CBN injects another $250 million into FOREX market

The Central Bank of Nigeria, CBN, on Monday, injected another $250 million into the foreign exchange market, to keep the inter-bank market liquid.

Details of the fresh funding in Monday’s intervention showed that the wholesale sector got about $100 million, while the Small and Medium Enterprises, SMEs window received a boost of $80 million.

Another allocation of $70 million went to those requiring foreign exchange to address their needs for Business/Personal Travel Allowances, school tuition, medicals, etc.

The CBN’s spokesperson, Isaac Okorafor, said although the interventions ensured stability in the market, the CBN remained committed to maintaining transparency in the market.

See also  UK Jailed Nigerian Cyber Fraudster And Drug Dealer For 5 Years

He said the CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

While assuring authorised dealers of sufficient funds to meet the foreign exchange needs of customers, Mr. Okorafor urged all operators to adhere strictly to the extant guidelines on the sale of FOREX in the Nigerian FOREX market.

He advised those in genuine need of FOREX to continue to approach their respective banks for purchase, adding that the Bank remained optimistic the Nigerian currency would fare strongly against other notable currencies around the world.

See also  SENATOR BUKOLA SARAKI: "Those plotting to impeach me won’t succeed"

On the convergence target by the CBN between the FOREX rates at the inter-bank market and the Bureau de Change, BDC, the CBN spokesperson said the goal would be attained if “all stakeholders played by the rules.”

Click to comment

Leave a Reply

%d bloggers like this: