Again, CBN boosts forex supply with $195m

Naira to Dollar

The Central Bank of Nigeria (CBN) on Tuesday sustained the supply of foreign exchange to the market by concluding arrangement to release the sum of $195million comprising of $150million for the wholesale auction and $45million in the invisible segment for such items as medical fees, tuition fees, personal travel allowance (PTA) and business travel allowance (BTA).

Confirming the foreign exchange sales, CBN Acting Director, Corporate Communications, Isaac Okorafor, said that the bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests.

Mr. Okorafor also alluded to the fact that deposit money banks (DMBs) were becoming saturated with foreign exchange as most of them are now able to meet demands for foreign exchange within the stipulated time frame.

“As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex,” he said.

He reiterated the bank’s determination to continue to fund the importation of raw materials and plant and machinery for manufacturing, agriculture, and other eligible items.

He also assured that the bank remained resolute in ensuring stability in the forex market by keeping an eagle eye on the activities of authorised dealers in order to ensure sharp practices are reduced barest minimum.