CBN to sustain foreign exchange liquidity

The Central Bank of Nigeria has reiterated its decision to sustain the supply of foreign exchange in order to ensure liquidity in the market and enable genuine users access and affordability.

Mr. Isaac Okorafor, acting director, Corporate Communications of the CBN, said in a statement on Sunday that the apex bank wants to disabuse the notion by speculators that it would not be able to sustain the forex intervention.

Mr. Okorafor said that the CBN would inject more forex into the market early this week in order to further weaken the dollar.

“This is in addition to the further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’ he said

Okorafor also advised commercial banks and other dealers to desist from actions that would undermine efforts at making life easier for forex end users.

Okorafor said that the CBN had received complaints from customers who had difficulty in getting foreign exchange for genuine needs like tuition, medicals, and BTA.

The CBN, however, advised the general public to report any banks that seemed to frustrate customers’ needs for forex after proper documentation.

CBN doubles FOREX supply to BDCs…offers $100m for forwards

The Central Bank of Nigeria has announced a planned increase in supply of FOREX to licensed Bureau de Change operators across the country.

This is in line with its promise to sustain the liquidity of foreign exchange in the market.

Beginning from Monday, April 3, 2017, the CBN will supply foreign exchange to BDCs twice weekly, according to Isaac Okorafor, Acting Director of Corporate Communications for the CBN>

Okorafor said that the weekly sales amount of FOREX has been increased to $10,000 at $5,000 per bid.

BDCs will also be required to fund their accounts with the CBN on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays.

Okorafor said that this move is a strategic one aimed at ensuring a wider spread and liquidity in the market to deposit money banks as well as BDCs.

The CBN, on Thursday, offered the total sum of $100 million to authorized dealers to service forwards request by wholesale customers in the interbank market.