CBN to sustain forex provision

by Dolapo Adelana

The Central Bank of Nigeria has said it will continue its policy of providing foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

This is contained in a statement on Sunday by the apex bank’s acting Director, Corporate Communications, Mr. Isaac Okorafor who said the bank intends to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention.

According to him, the CBN will inject more foreign exchange into the market this week, leading to a further weakening of the dollar.

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“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

He warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.

According to Okorafor, the CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.



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