CBN plans to release more funds into the forex market

As part of efforts to strengthen the Naira in the foreign exchange market, the Central Bank of Nigeria is planning to release more Dollars into the market this week.

The Acting Director, Corporate Communication of the CBN, Isaac Okoroafor confirmed the plan in a statement released on Sunday, March 12.

Okoroafor in the statement revealed that the CBN will continue to pump more funds into the market to strengthen the Naira against the Dollar.

The CBN spokesperson also said that the apex bank is determined to sustain the provision of liquidity in the forex market to make dollars more accessible and affordable for genuine end users.

Okoroafor however warned dealers in foreign exchange not to engage in unwholesome practices that was detrimental to smooth operation in the market saying that the CBN would impose heavy sanctions on officials or organizations found wanting.

In the past three weeks, The CBN has embarked on a series of intervention efforts, injecting funds into the forex market to lessen liquidity challenges facing businesses and individuals.

So far, about $1.35bn has been injected into the market. At the first intervention, the CBN made $500m available for banks. At the second and third intervention, the CBN offered $221.3m and $367.13m respectively.

On Tuesday, March 7, the apex bank had released another $100m at the fourth intervention before the recent plan to pump more funds into the forex market.

CBN plans to release more funds into the forex market

As part of efforts to strengthen the Naira in the foreign exchange market, the Central Bank of Nigeria is planning to release more Dollars into the market this week.

Enhance Your Pulse News Experience!

JOIN OUR PULSE COMMUNITY!