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Naira to appreciate further as CBN boosts forex sale

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The Naira is set to appreciate 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 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.

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

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

The bank expressed optimism that stability had been restored to the forex market.

According to the statement, individuals can easily access forex to address personal and business allowances.

NAN 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.



3 Comments
  • ade

    The goal should be 1$ to 2Naira. President Trumps credibility is not as strong as President Buharis credibility and so investors should trust the Naira more than the dollar!

  • raff jones

    The CBN should sell at less than N200 and flood the market with forex to close the gap between the black market and official rate.

    • Onyeokwe

      Pig

  • vic

    GODWIN EMEFIELE DO NO FIX NAIRA DOLLAR RATE AS YOU ARE NOW DOING.

    LET NAIRA STRENGTHEN TO 200 TO A DOLLAR IN THE FIRST INSTANCE, GRADUALLY RISING TO I00 NAIRA TO A DOLLAR AS YOU CONTINUE TO FLOOD THE MARKET WITH THE FOREX. THIS WILL DEFINITELY HAPPEN SOONER THAN LATER.

    SECONDLY, IT IS HIGH TIME TO LIFT THE RESTRICTION ON THE USE OF INTERNATIONAL NAIRA CARD BY NIGERIANS IN DIASPORA AND NIGERIAN PENSIONERS SETTLED IN FOREIGN COUNTRIES AFTER RETIREMENT, BY USING ATM MACHINES ABROAD TO SATISFY THEIR BASIC FOREX NEEDS WHILE STILL RESTRICTING THE USE OF INTERNATIONAL NAIRA CARD FOR THE PURCHASE OF GOODS AND SERVICES AT THE FOREIGN TRADING OUTLETS.