NAIRA INCREASES IN VALUE, AS CBN BOOSTS FOREX MARKET

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[Abuja]–The value of the Naira is set to increase further in the week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange (Forex) into the market to meet the requests of genuine customers.

The spokesman of CBN, Mr Isaac Okorafor, gave the assurance in a statement on Sunday in Lagos.

The statement said the bank was committed to ensuring that authorised forex dealers got sufficient supply of dollars to meet the demands of authentic customers of banks.

It disclosed that the bank had since February pumped over one billion dollars to the interbank market.

The bank expressed optimism that stability had been restored to the forex market, as individuals can easily access forex to address personal and business allowances.

The News Agency of Nigeria (NAN) reports that the apex bank had so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

It reports that a summary of the CBN intervention in the interbank market over the past two months, shows the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.




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