Chief Executive Officer, Mr Ayo Teriba, Economic Associates, says he is optimistic that
the Central Bank of Nigeria (CBN) will be able to sustain its
intervention on the foreign exchange (Forex) market.
Teriba told Journalist on Sunday in Abuja that increase in oil production and high oil
prices had increased the foreign reserve base of the country.
“We are back to a situation where the Forex at the disposal of the CBN is likely to go up.
“The CBN could not intervene in the
Forex market in 2016 because of low oil production, prices and because
foreign reserves were also low.
“Today, oil price is up, reserves have
also gone up, the outlook of the oil prices is stable and production in
Nigeria is going back to capacity; so it has the capacity to intervene.
“In a couple of months, the apex bank
should be able to meet all of the demands and all the multiple exchange
rates will converge.
”The CBN recently injected 100million
dollars into the interbank foreign exchange market as a measure to ease
Forex accessibility, thereby crashing demand in the black market.
The measure was also to fund commercial
banks with enough Forex to cater for the demand by customers and to meet
basic travelling allowance, medicals and tuition fees.
MAN
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