On the heels of its injection of $280
million into the foreign exchange Market on Tuesday, the Central Bank of
Nigeria (CBN) wednesday carried out another spot wholesale intervention
in the interbank forex market by offering $100 million to authorised
dealers to meet the seven to 15-day forwards requests of customers.
Owing to this, the naira appreciated to
N400 to the dollar on the parallel market wednesday, stronger than the
N407 to the dollar it closed the previous day.
The latest intervention was confirmed by
the Acting Director, Corporate Communications Department, CBN, Mr.
Isaac Okorafor, who, however disclosed that the banks and authorised
dealers were only able to pick up $68.51 million.
Mr.
Isaac Okorafor attributed the inability of the
authorised dealers to fully subscribe to the CBN to a surfeit of forex
in the system, which may lead to further appreciation of the naira.
He also disclosed that the CBN will on
Thursday, April 20, 2017 continue its sale of $20,000 to Bureax de
Change (BDCs) for onward sale to small-end users.
According to Okorafor, the trend monitored by
the Bank indicated that deposit money banks are now able to meet the
forex demands of their customers within the time frame stipulated by the
CBN.
S
peaking further, Okorafor said feedback
on the Bank’s forex new window for Small and Medium Enterprises (SMEs)
in the country revealed that majority of the small importers were
heading for a major boost in their activities. This he said was
responsible for the current appreciation of the Naira, stressing that
the Naira will continue to gain strength with the relentless efforts of
the CBN to supply the market with forex.
The spokesman also reiterated the
determination of the CBN to continue to intervene in the various sectors
of the interbank forex market in order to guarantee access to all
categories of customers requiring forex for legitimate obligations and
ultimately ensure stability in the forex market.
0 comments:
Post a Comment