CBN Expands Forex Supply By $240m

Yemisi Izuora

The Central Bank of Nigeria (CBN), has released additional $90 million to meet requests for Invisibles such as BTA/PTA, medical and school fees.

The Bank has also offered a total of $150 million to authorized FOREX dealers in the interbank wholesale auction window.

The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor who confirmed the figures, disclosed that the CBN had adjusted BDC sale days to Tuesdays only to reduce logistical difficulties.

He said henceforth the apex Bank would sell $10,000 only to low-end forex dealers once a week.

According to Okorafor, in a bid to further ease the access of customers, the CBN has also directed all banks to pay cash over the counter to desiring foreign exchange customers.

The CBN urged banks to oblige the genuine requests of customers and also asked customers to report any uncooperating bank to the CBN through available platforms.

The CBN had in the recent months made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.

The CBN spokesman has further expressed optimism that the sum of $150 million offered to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers would be fully subscribed at the auction as was the case at the last auction on March 28, 2017.

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