Saturday, 4 March 2017

CBN TO Pump in Fresh $350 million into FOREX Market

The Central Bank of Nigeria (CBN) will this weekend, again, pump more dollars into the foreign exchange market in continuation of its strategy to further strengthen the value of the Naira.

Vanguard reports that the CBN has planned the release of an additional $350 million bringing the total to $570 million in this week alone to further crash the value of the Dollar. Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to the sharp and sudden appreciation of the Naira.

Confirming the development, the Acting Director, Corporate communications, Isaac Okorafor, told the Vanguard that the Bank was determined to continuously make forex available to all genuine customers through their banks.

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