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Nigeria forex CBN to sustain intervention.

The Central Bank of Nigeria (CBN) on Sunday reiterated its
determination to sustain the provision of foreign exchange with a view
to ensuring liquidity in the market and enhance accessibility and
affordability for genuine end users.

The apex bank’s acting Director, Corporate Communications; Mr Isaac
Okorafor in a statement on Sunday said the bank wants to disabuse the
notion by market speculators that it wouldn’t be able to sustain its
forex intervention.

He said that the bank would again, early this week, inject more
foreign exchange into the market, leading to a further weakening of the
dollar.

“This is in addition to the further increase in the sale of dollars
to the Bureau de change operators from 8,000 dollars to 10,000 dollars
per week,’’ he said

Okorafor warned commercial banks and other dealers to desist from
sabotaging the efforts aimed at making life easier for foreign exchange
end users.

According to Okorafor, the CBN had received complaints from customers
over frustrations in getting foreign exchange for invisible items like
tuition fee, medicals, personal and basic travel allowance.

The Bank urged the general public to report it to any bank that failed to meet customers’ needs after due documentation.

It once again reiterated its determination to deal with any official
or institution found to be sabotaging the operations of foreign exchange
market in whatever guise.

It would be recalled that the Naira closed at N394 to a dollar on
Friday, which translated to 10 per cent depreciation of what was
recorded earlier in the week.

The depreciation was attributed to the alleged hoarding of forex by banks rather than selling to genuine customers.

Analyst believe that with the twice weekly sale to BDCs up to 20,000
dollars, the Naira is likely to appreciate in the coming week. (NAN)

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