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Nigeria Forex: CBN to spread more funds to the market.

There are strong indications that the Central Bank of Nigeria (CBN)
is unrelenting in its move to ensure liquidity in the interbank foreign
exchange (Forex) market, as it will inject more funds into market this

This is according to information gathered by the News Agency of Nigeria (NAN) on Sunday in Abuja from market operators.

Confirming the proposed additional foreign exchange injection into
the system, the acting Director, Corporate Communications of the CBN, Mr
Isaac Okorafor said the CBN was determined to sustain the provision of
liquidity in the Forex market.

Okorafor cautioned dealers in foreign exchange not to engage in any
unwholesome practice that could be detrimental to the smooth operations
in the market.

He also warned that the CBN would impose heavy sanctions on any organisation involved in such acts.

The CBN had, as at last week, injected over 1.4billion dollars into the
interbank Forex market for both wholesale and retail interventions.

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