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CBN MOVES TO BOOST NAIRA, INJECTS MORE DOLLARS

(Last Updated On: April 3, 2017)

 

By James, Michael Igiri

Barely three days after the naira weekend against the United States dollars, the Central

Bank of Nigeria (CBN), is set to boost the local unit with the injection of more dollars into

the foreign exchange market this week.

The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring

liquidity in the interbank market. This came barely one week after the apex bank promised

to increase the sale of dollars to Bureaux De Change operators from $ 8,000 per week to

$10, OOO twice a week.

The CBN has been engaged in aggressive supply of Forex into the market as it steps up

efforts to save the naira from currency speculators.

The Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, on Sunday said

the CBN was determined to sustain the provision of liquidity in the foreign exchange market

in order to enhance accessibility and affordability for genuine end users.

The regulator on Friday warned commercial banks and other dealers to desist from

sabotaging the apex bank’s effort aimed at making Forex available to end-users.

Okorafor said the CBN had received complaints from customers over frustrations they were

meant to go through in getting Forex for invisible items such as tuition fee, medical,

personal and basic travel allowances.

The CNB has urged the general public to report to it, any bank that fails to meet customers’

needs within 24hours to 48hours after due documentation.

It said it was determined to deal with any official or institution found be sabotaging the

operations of Forex market in whatever guise.