CBN Pumps $100m Into Forex Market
The Central Bank of Nigeria (CBN) has pumped an additional $100 million into the foreign exchange market, after releasing $280 million on Tuesday.
The bank has offered additional $100 million to authorised dealers to meet the 7 to 15-day forwards requests of customers.
Isaac Okorafor, the bank’s spokesperson said the authorised dealers have been unable to fully subscribe to the CBN to a surfeit of forex in the system.
According to him, the trend monitored by the bank indicated that deposit money banks were now able to meet the forex demands of their customers within the time frame stipulated by the CBN.
He said that the CBN will on Thursday, continue its sale of $20,000 to Bureaux de Change (BDCs) for onward sale to small end users.
He said the CBN intervention has seen small and medium enterprises (SMEs) heading for a major boost in their activities.
This he said was responsible for the current appreciation of the naira, stressing that the naira will continue to gain strength with the relentless efforts of the CBN to supply the market with forex.