Forex: CBN to inject additional $350m into interbank market

by Dolapo Adelana

In continuation of its strategy to strengthen the naira against the dollar and other foreign currencies, the Central Bank of Nigeria is set to pump into more American dollars into the foreign exchange market, The Punch reports.

A source at the apex bank, who spoke on the condition of anonymity said the CBN was set to release an additional $350m into the forex market.

If done, the CBN will have released the sum of $570m into the forex market in a week as it plans to further weaken the dollar.

The bank had earlier released $80m for dollar demands for school fees, medicals and Personal Travel Allowance, and injected another $100m into the wholesale forwards segment of the market.

The Acting Director, Corporate Communications, CBN, Isaac Okorafor, who confirmed the fresh strategy, said with improving reserve levels, the apex bank was determined to continuously make forex available to all genuine customers through their banks.

Okorafor, however, advised those hoarding US dollars to reduce their losses by selling them.

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