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Forex scarcity: CBN releases additional $100m into market

FG loses N1.69tn to under remittance by CBN, NCC, others

 

The Central Bank of Nigeria (CBN) on Tuesday injected additional sum of 100 million dollars into the interbank foreign exchange market to ease availability and also maintain the strength of the local currency.

The was disclosed by the CBN acting Director, Corporate Communications, Isaac Okorafor.

Okorafor explained that the measure became necessary as part of the initiatives to make forex 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.

TheNewsGuru.com reports that the fresh injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to 1.4 billion dollars for both forwards and invisibles.

The constant release of the dollar into the interbank market has seen the Naira appreciate in worth therefore crashing several other currencies that hitherto stronger in value and worth at the money market.

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