L
LequteMan
Guest
The Central Bank of Nigeria, CBN, is expecting a further appreciation in the value of the naira at the black market this week.
The CBN has been pumping lump sums of dollars into the foreign exchange market in a bid to weaken the dollar at the parallel market.
On Friday, the apex bank released another $100m into the interbank market to meet demands. Out of the $100m, authorised dealers were only able to pick $81.347 million after an initial bid for $91 million.
Commenting on the offer, the Acting Director, CBN’s Corporate Communications, Isaac Okorafor, attributed the inability of authorised dealers to pick up the entire offer of the apex bank to increasing dollar supply and sense of apprehension among dealers, who anticipate a further crash in dollar rate.
He reiterated the determination of the CBN to sustain its current interventions in the market. According to him, “those who doubt the capacity of the Bank to sustain the intervention in the forex market are beginning to have a change of mind”
The CBN has been pumping lump sums of dollars into the foreign exchange market in a bid to weaken the dollar at the parallel market.
On Friday, the apex bank released another $100m into the interbank market to meet demands. Out of the $100m, authorised dealers were only able to pick $81.347 million after an initial bid for $91 million.
Commenting on the offer, the Acting Director, CBN’s Corporate Communications, Isaac Okorafor, attributed the inability of authorised dealers to pick up the entire offer of the apex bank to increasing dollar supply and sense of apprehension among dealers, who anticipate a further crash in dollar rate.
He reiterated the determination of the CBN to sustain its current interventions in the market. According to him, “those who doubt the capacity of the Bank to sustain the intervention in the forex market are beginning to have a change of mind”
