Tuesday, March 7, 2017

Naira to Appreciate More as CBN Pumps $100m Into Forex Market

The Central Bank of Nigeria, CBN, on Tuesday injected another $100m into the forex market in a bid to make the greenback available and the naira appreciate.

CBN Director of Corporate Communications, Isaac Okorafor said the measure is part of the initiatives to crash dollar demand at the black market.


This way, commercial banks will have enough Forex to cater for Nigerians needing travelling allowance, medicals and tuition fees, he said.

This fresh injection by the apex bank brings the amount so far pumped into the interbank Forex market within the last two weeks to 1.14 billion dollars for both forwards and invisibles.

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