CBN injects another $240m into forex market

The Central Bank of Nigeria (CBN) on Monday injected another $240 million into the nation’s foreign exchange market to sustain Naira’s gains against the Dollar and other hard currencies.
A total of $90 million was targeted at meeting requests for invisibles such as BTA/PTA, medical and school fees while the balance of $150 million was given to authorized FOREX dealers in the interbank wholesale auction window.
The apex bank’s Acting Director of Corporate Communications, Mr. Isaac Okorafor, confirmed the figures, adding that the CBN had adjusted BDC sale days to Tuesdays only to prevent logistic difficulties.
He added that henceforth the apex Bank would sell $10,000 only to low-end forex dealers once a week, instead of the twice weekly earlier announced.
He explained that 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 the genuine requests of customers, he advised customers to report any bank not abiding with the CBN directives through available platforms.