CBN pumps additional $100m into market

Abuja, March 7, 2017 (TNE): The Central Bank of Nigeria (CBN) on Tuesday made a fresh injection of 100 million dollars into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor said.

Okorafor told newsmen in Abuja that the measure was part of the initiatives to make the foreign exchange easily accessible, thereby crashing demand at the black market.

He said that the measure was to fund the commercial banks with enough forex to cater for the request of customers and to meet basic travelling allowance, medicals and tuition fees.

This fresh injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to 1.14 billion dollars for both forwards and invisibles.

A former Economic Adviser to former President Olusegun Obasanjo, Prof. Ode Ojowu, said the measure had further created confusion among speculators.

“It appears this time around, the CBN has decided to become smarter than the market manipulators by putting on its cap of authority to look beneath the market forces,” he said.

Ojowu also commended the efforts of the CBN in ensuring the continuous appreciation of the Naira. (TNE)

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