The Central Bank of Nigeria (CBN) has continued boosting the country’s foreign exchange liquidity with another $240 million injection, out of which $150 million will go to dealers in the interbank wholesale window.
Targeted gainers from the sales through the interbank wholesale auction window include manufacturers, importers of aggro-machineries, plants and critical raw materials.
Acting Director, Corporate Communications, CBN, Isaac Okorafor said in a statement that the bank also released $90 million to meet requests for invisibles such as travel allowances, medical and school fees.
He disclosed that henceforth, the apex Bank would sell $10,000 dollars only to low-end Forex dealers once in a week rather than the bi-weekly sales it announced earlier.
He said that the CBN had adjusted BDC sale days to Tuesdays only, to reduce logistic difficulties.
Okorafor also said the CBN has directed all banks to pay cash over the counter to desiring foreign exchange customers to further ease the access of customers.
He said customers should report any un-cooperating bank to the CBN through available platforms.
Recall that the CBN in the recent months has made offers and releases of over 2 billion dollars to the inter-bank foreign exchange market in its bid to sustain Forex supply to different categories of users.
Last week, the Naira began to weaken against the dollar, which was attributed to alleged hoarding of the dollars by commercial banks, in spite of receiving over 200 million dollars.
Consequent upon the CBN actions, the Naira closed at N394 to a dollar at the weekend but showed signs of recovery, as it exchange for N388 to a dollar on Monday.
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