CBN moves to boost naira, injects more dollars

CBN moves to boost naira, injects more dollars
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

Barely three days after the naira weakened against the United States dollar, the Central Bank of Nigeria is set to boost the local unit with the injection of more dollars into the foreign exchange market this week.

The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring liquidity in the interbank market.

This came barely one week after the apex bank promised to increase the sale of dollars to Bureaux de Change operators from $8,000 per week to $10,0000 twice a week.

The CBN has been engaged in aggressive supply of forex into the market as it steps up efforts to save the naira from currency speculators.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, on Sunday said the CBN was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine endusers.

The regulator on Friday warned commercial banks and other dealers to desist from sabotaging the apex bank’s efforts aimed at making forex available to endusers.

Okorafor said the CBN had received complaints from customers over frustrations they were meant to go through in getting forex for invisible items such as tuition fee, medicals, personal and basic travel allowances.

The CBN has urged the general public to report to it any bank that fails to meet customers’ needs within 24 hours to 48 hours after due documentation.

It said it was determined to deal with any official or institution found to be sabotaging the operations of forex market in whatever guise.

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