Naira to Witness Significant Boost as CBN is Set to Inject More Dollars Into Forex Market


Naira and dollar notes

There are indication that the Central Bank of Nigeria is set to boost the naira with the injection of more dollars into the foreign exchange market barely three days after the naira weakened against the United States dollar.

According to Punch, this is coming 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 $10,0000 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 endusers.

The regulator on Friday warned commercial banks and other dealers to desist from sabotaging the apex bank’s efforts aimed at making forex available to endusers.

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, medicals, personal and basic travel allowances.

The CBN has urged the general public to report to it any bank that fails to meet customers’ needs within 24 hours to 48 hours after due documentation.

It said it was determined to deal with any official or institution found to be sabotaging the operations of forex market in whatever guise.


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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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