CBN injects more dollars into forex market, predicts further appreciation of the Naira

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[Abuja]–The Central Bank of Nigeria (CBN) is set to inject more dollars into the forex market through intervention segments, and has predicted the further appreciation of the Naira as a result of it.

Isaac Okorafor, the spokesman of the Bank, while exchanging views with news men over the weekend, confirmed the anticipated interventions in most segments of the market during the week, with effect from Monday 8th,2017.

According to him, the Bureau D’ Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments will also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.

Meanwhile, manufacturers have praised the CBN over the foreign exchange management strategy adopted recently.

The Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, was recently quoted as saying the, “the recent pronouncement of the CBN comes as a relief. If the intervention is sustained, there’s no doubt that we will have continued improvement in sourcing raw materials.”

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