CBN Injects $240 Million To Forex Market, Directs Cash Payments To FX Users

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Naira Increases In Value As Surplus Dollars Hit Nigeria Market

The Central Bank of Nigeria (CBN) on Monday injected another $240 million into the nation’s foreign exchange market to meet the requests by bank customers and also to sustain Naira’s gains against the Dollar and other hard currencies.

Out of that amount, $90 million was meant to meet requests for invisibles such as BTA/PTA, medical and school fees, while the balance of $150 million was given to authorized FOREX dealers in the interbank wholesale auction window.

The Apex Bank also directed all banks to pay cash over-the-counter to desiring foreign exchange customers.

According to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, the directive was issued to further ease the access of customers to foreign exchange.

Last week, the CBN had announced the adjustment of the bureax de change (BDC) sale days to Tuesdays only, to reduce logistical difficulties, while the apex bank would henceforth sell $10,000 only to low-end FOREX dealers once every week.

While urging the banks to oblige the genuine requests of customers, the spokesman advised customers to report any uncooperating bank to the CBN through available platforms.

The CBN spokesperson further 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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