CBN MAINTAINS TREND, INJECTS ADDITIONAL $100M INTO MARKET

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[Abuja]–The Central Bank of Nigeria on Tuesday injected another sum of $100m into the interbank foreign exchange market, bringing the amount so far pumped into the interbank Forex market within the last two weeks to $1.14bn for both forwards and invisibles.

Acting Director, Corporate Communications, CBN, Isaac Okorafor, made this known to newsmen in Abuja on Tuesday.

Okorafor said the measure to fund commercial banks with enough Forex  became necessary as part of the initiatives to make Forex easily accessible to customers and to meet basic travelling allowance, medicals and tuition fees, thereby crashing demand at the black market.

A former Economic Adviser to former President Olusegun Obasanjo, Prof. Ode Ojowu said the measure would further create problems for currency speculators who had not recover from the sudden appreciation of the Naira.

“It appears this time around, the CBN has decided to become smarter than the market manipulators by putting on its cap of authority to look beneath the market forces,” he said.

While commending the efforts of the CBN in ensuring the continuous appreciation of the Naira, Ojowu attributed the development to good policy and effective communication strategy, which had increased dollar supply to the market.




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