CBN pumps extra $250M into forex market

The Central Bank of Nigeria puts in an additional sum of $250 million in an attempt to stabilise the foreign exchange liquidity.

This move was made yesterday, September 12, 2017.

Isaac Okorafor, CBN's acting director in charge of corporate communications announces this, saying that the extra money put into the forex provided a stable market.

He reaffirms the commitment of CBN maintaining a transparency market.

The breakdown shows the wholesale sector received the sum of a $100 million while the Small and Medium Enterprises receives the sum of $80 million.

Also, people who needed foreign exchange for personal use get a sum of $70 million.

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Okorafor advises all to follow the guidelines of foreign exchange sales in Nigeria forex market, reassuring authorized dealers that they have enough funds to meet the foreign exchange needs of customers.

He also points out that measures have been taken which were meant to review and check speculators activities and protect the Naira from attacks, and at the same time maintaining the international value of the Naira.

The director encourages people who genuinely were in need of foreign exchange to keep going to their respective banks for purchase.

He says CBN remained positive that the Naira will do better than other currencies around the world.

He concludes that the goal of the convergence target of the bank between the forex rates at the interbank and Bureau de Change of the stakeholders will be reached if everyone follows the rules and regulations.