We've Restored Stability To Forex Market, Says CBN *Predicts Further Strengthening Of Naira


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The Central Bank of Nigeria (CBN) says it has restored stability to the foreign exchange market, promising to inject more hard currency into the market to meet the requests of genuine customers.

With the measures put in place in the last two months and after more than $1.72 billion was pumped into the market in four weeks, the apex bank predicted that the Naira will continue to appreciate against major currencies in the coming weeks.

In a statement issued in Lagos on Sunday, Mr. Isaac Okorafor, CBN'sspokesman, said so far the bank has kept to its promise of continuing to supply enough foreign exchange to guarantee liquidity in the market.

The statement said the bank was committed to ensuring that authorised dealers got sufficient supply to meet the demands of authentic customers of banks.

It disclosed that the bank had since February offered over one billion dollars to the interbank market, expressing optimism that stability had been restored to the forex market.

According to Okorafor, individuals can easily access foreign exchange to address personal and business allowances.

A summary of the CBN intervention in the interbank market over the past two months, shows the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.