CBN set to inject more dollars into forex market

The Central Bank of Nigeria, CBN, will inject more foreign currencies into the market early this week to maintain the momentum of strengthening the Naira at the foreign exchange market

Confirming the proposed additional foreign exchange injection into the system to newsmen in Lagos over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, said the bank was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users.

Okorafor also cautioned dealers in foreign exchange not to engage in any unwholesome practice that was detrimental to smooth operations in the market, warning that the CBN would impose heavy sanctions on any organization or official involved in such act.

As at last week, the CBN had intervened in the interbank FOREX market by offering over $1.2 billion for both wholesale and retail end users.

Foreign exchange needs for school fees, Basic Travel Allowance and Medicals which constitute some of the major factors driving demand at the parallel market are now being met by the CBN through the banks. - Vanguard.