Naira to Strengthen as CBN Injects More Dollars Into the Forex Market, Releases $250m for Oil Marketers, Airlines, Others


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The Central Bank of Nigeria has assured Nigerians that the naira will strengthen soon with the injection of more dollars into the Forex market.

The Central Bank of Nigeria has released an additional $250m on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials.
The move was made on Wednesday as it called for bids for wholesale spot for $100m for Basic/Personal Travel Allowances, medicals and tuition fees. 
According to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor who revealed details of the latest move by the apex bank, it will ease the rush for foreign currencies in the forex market. Also, the apex bank has commenced heavy injection of forex into the spot market.
Earlier in the week, the CBN disbursed $20,000 each to the Bureau De Change operators in two tranches of $10,000 each.
Okorafor disclosed that the CBN is doing all it can to ensure liquidity in the foreign exchange market.


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