CBN injects another $240m into FX market

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By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN), Monday, injected another $240 million into the nation’s foreign exchange market to sustain Naira’s gains against the Dollar and other hard currencies.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

Of that amount, $90 million was to meet requests for invisibles such as BTA/PTA, medical and school fees. The balance of $150 million was given to authorized FOREX dealers in the interbank wholesale auction window.

The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, confirmed the figures, disclosing that the CBN had adjusted BDC sale days to Tuesdays only to reduce logistical difficulties.

He added that henceforth the apex Bank would sell $10,000 only to low-end forex dealers once a week, instead of the twice weekly earlier announced.

According to Okorafor, in a bid to further ease the access of customers, the CBN has also directed all banks to pay cash over the counter to desiring foreign exchange customers.

While urging the banks to oblige the genuine requests of customers, the spokesman advised customers to report any uncooperating bank to the CBN through available platforms.

It will be recalled that the CBN in the recent months has made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.

Meanwhile, the CBN spokesman expressed optimism that the sum of $150 million offered to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers would be fully subscribed at the auction as was the case at the last auction on March 28, 2017.

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