Monday, April 3, 2017

CBN Pumps $240m In Forex Market To Crash Dollar

The Central Bank of Nigeria, CBN, on Monday injected $90 million to meet requests by bank customers, in its bid to sustain the supply of foreign exchange and ensure liquidity in the market.

The spokesperson of the bank, Isaac Okorafor, who confirmed the figure, said the fresh release is to meet invisibles such as basic and personal transport allowances, medical bills and school fees.

Invisibles are those items in the export trade that are untouchable, like movement of money and family, including BTAs, medical bills, plant and machinery as well as finished products.



Besides, Mr. Okorafor said the CBN also offered additional $150 million to authorised FOREX dealers in the interbank wholesale auction window to meet their customers’ demand.

To further ease the access of customers, Mr. Okorafor said the CBN had also directed all banks to pay cash over the counter to interested forex customers.

Urging the banks to oblige the genuine requests from their customers, the CBN spokesperson advised customers to report through available platforms any bank refusing to cooperate with the CBN.

The CBN spokesperson said the bank was optimistic that latest $150 million offered to authorised FOREX dealers in the interbank wholesale window would be enough to meet the requests of genuine wholesale customers.

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