CBN boosts forex market with $367m

The Central Bank of Nigeria (CBN) on Monday, March 6, 2017, carried out another round of retail interventions in the interbank FOREX market by providing a total sum of $367,134,329.93 to meet the forwards requests of customers.

A breakdown of the forwards shows that the sum of $144,073,753.07 was for 45 days forwards, while $223,060,576.86 was for 60 days.

The CBN Acting Director in charge of Corporate Communications, Isaac Okorafor, confirmed the release, adding that the move was in line with the Bank’s determination to ease the foreign exchange pressure on various sectors through forward sales under the new flexible Foreign Exchange regime to keep the market liquidity.

Traders and most Nigerians are expressing the hope that the CBN interventions and the resultant strengthening of the Naira would reposition the economy for greater productivity.