CBN injects fresh $240m into forex market

In its bid to flood the foreign exchange (forex) markrt with liquidity, the Central Bank of Nigeria (CBN) kept its words on Monday by releasing a fresh $90 million to meet the requests for BTA/PTA, medicals and school fees.

The apex bank explained, in a statement, that it also offered $150 million to authorised forex dealers in the inter-bank wholesale auction window.

Its acting Director of Corporate Communications, Isaac Okorafor, confirming the figures, also disclosed that the CBN had adjusted BDC sale days to Tuesdays only so as to reduce logistical difficulties. He added that, henceforth, CBN would sell $10,000 only to low-end forex dealers per week.

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

Recall that in the recent months, CBN has made offers and releases to the inter-bank forex market in its bid to sustain the supply of hard currencies to different users. Okorafor expressed optimism that the sum of $150 million offered to authorised 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 last Tuesday.

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