The naira, which in the last few days, recorded marginal losses, is likely to strengthen today as the Central Bank of Nigeria (CBN) will boost liquidity in the market with $240 million. The naira yesterday traded at N395 to dollar, from N385 to dollar at the weekend.
A statement from the apex bank, said $90 million will be deployed to meet genuine demands for invisibles such as Business Travel Allowances /Personal Travel Allowances, medicals and tuition fees.
The apex bank, also said a total of $150 million will be offered to authorised forex dealers in the interbank wholesale auction window.
CBN’s Acting Director, Corporate Communication, Isaac Okorafor, said the CBN had adjusted Bureau De Change (BDC) sale days to Tuesdays only to reduce logistical difficulties.
He added that henceforth the CBN 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.
While urging the banks to oblige genuine requests of customers, he advised customers to report any un-cooperating bank to the CBN through available platforms.
The CBN in the recent months has made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.
Okorafor expressed optimism that $150 million offered to authorised 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.
