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, gave the assurance in a statement on Sunday in Lagos.

The apex bank had so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

Mr Okorafor said the bank is committed to “ ensuring that authorized dealers get sufficient supply to meet the demands of authentic banks customers.”

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

The 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 inter-bank market over the past two months, shows the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.

 

Zainab Sa’id