CBN intensifies intervention in forex market

The US Dollar is set to crash further this week as the Central Bank of Nigeria (CBN) plans to inject more FOREX into the market to meet the requests of genuine customers. The CBN has so far kept to its earlier assurance to continue to supply enough forex to guarantee liquidity in the FOREX market

The Bank’s spokesman, Isaac Okorafor, gave the assurance at the weekend, noting that the CBN was committed to ensuring that the authorized dealers got sufficient supply to meet the demands of authentic customers of banks. 

While disclosing that the Bank had since February 2017 offered over $1 billion to the interbank market, he expressed optimism that stability had been restored to the market, with individuals now being able to easily access forex to address personal and business allowances.

A cursory view of the summary of the CBN intervention in the interbank market over the past two months, shows the highest bid rate was N360/$1, while the lowest was N315/$1.