Saturday, March 4, 2017

Naira Set for Massive Appreciation as CBN Pumps $350m Into Forex Market

The Central Bank of Nigeria, CBN, will pump another $350 million into the forex market this weekend for the naira to appreciate against the dollar further.

According to Vanguard, CBN Acting Director of Corporate communications, Isaac Okorafor, has confirmed the development, saying the apex bank is determined to continuously make forex available to all genuine customers through their banks.

The naira has appreciated grandly against the dollar in recent times following the release of funds into the market by the CBN. The naira, which traded at over N500 per dollar a fortnight ago appreciated to N450 before depreciating again in the last few days.

Another intervention of $350m by the CBN will see the currency appreciate further against the dollar.

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