Nigeria: Forex – CBN Injects Fresh $100m for Corporate Customers

Nigeria: Forex – CBN Injects Fresh $100m for Corporate Customers

By Sunday Michael Ogwu

Lagos — The Central Bank of Nigeria (CBN) on Thursday offered the sum of $100 million to meet the requests of wholesale customers, out of which $91 million was taken.

Confirming the offer this evening, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, disclosed that the dealers will have value for their respective bids on Friday, March 24, 2017.

He disclosed that while the highest and marginal bid rates were N330/$1 and N320/$1, respectively, Okorafor said no intervention was made by the Bank to meet requests for invisibles on Thursday.

The Naira continues to firm up against major currencies, especially the United States dollar, which exchanged at $1/N385.

It will be recalled that the CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing assured that the Bank will sustain its forex intervention in the interbank market.

He also expressed optimism about the convergence of forex rates between the Interbank and the BDCs.

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