CBN injects another $240m into forex market to sustain naira’s gains against dollar

The Central Bank of Nigeria (CBN), has injected another 240 million dollars into the nation’s foreign exchange market to sustain naira’s gains against the dollar and other hard currencies.

Out of that amount, 90 million dollars was to meet requests for invisibles such as BTA/PTA, medical and school fees.

The balance of $150 million was given to authorized forex dealers in the interbank wholesale auction window.

The bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, confirmed the figures, disclosing that the CBN had adjusted BDC sale days to Tuesdays only to reduce logistical difficulties.

He added that henceforth the apex bank would sell $10,000 only to low-end forex dealers once a week, instead of the twice weekly earlier announced. According to Okorafor, in a bid to further ease the access of customers, the CBN has also directed all banks to pay cash over the counter to desiring foreign exchange customers.

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