CBN Apex bank pours $367m into forex market

The Central Bank seeks to increase foreign exchange liquidity in the market and ensure availability to end-users.

  • Published:
Godwin Emefiele play CBN Governor, Godwin Emefiele (Reuters)
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The Central Bank of Nigeria (CBN) has poured a fresh sum of $367,134,329.93 into the foreign exchange market.

According to the apex bank, the step was taken with the aim of meeting requests of customers.

A statement released by the CBN Director of Financial Markets, Alvan Ikoku said that the bank seeks to increase foreign exchange liquidity in the market and ensure availability to end-users.

The statement reads:

“In order to further increase foreign exchange liquidity in the market and ensure availability to end-users, all banks are hereby directed as follows: Open teller points in all locations in order to ensure access to foreign exchange by their customers without any hindrance. Have electronic display boards in all their branches, showing rates of all traded currencies.

“Process and meet the demand for PTA/BTA customers within 24 hours of such applications. Process and meet demands for school fees (including allowances) and medical bills within 48 hours."

ALSO READ: Naira now selling at N470 to the dollar

The CBN has instituted special measures in recent times which have forced down the price of the dollar against the naira.

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