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FOREX: CBN set to inject more Dollars into market

There are strong indications that the Central Bank of Nigeria (CBN) is again set to further inject more foreign exchange into the market with a view to ensuring liquidity in the interbank market. This is in addition to the further increase in the sale of dollars to Bureaux de change operators from $8,000 to $10,0000 dollars per week. 

The latest information about the action of the apex bank,which became clearer over the weekend, seems to have calmed the earlier apprehension over the ability of the CBN to sustain its ongoing interventions. 

Confirming the intention of the apex Bank to inject additional foreign exchange into the system to newsmen in Abuja over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, said that the CBN was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users. 

Meanwhile, the CBN over the weekend also warned commercial banks and other dealers to desist from sabotaging its efforts aimed at making life easier for foreign exchange end users. According Mr Okorafor, the CBN has received complaints from customers over frustrations which they were made to go through in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.

The Bank urged the general public to report to it any bank that fails to meet customers’ needs after due documentation. It once again reiterated its determination to deal with any official or institution found to be sabotaging the operations of the foreign exchange market under whatever guise. 

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