Central Bank of Nigeria releases $100 million into Interbank Market

April 21, 2017

BizNis Africa

The Central Bank of Nigeria (CBN) on 19 April 2017, carried out wholesale interventions in the interbank Forex market by offering a total sum of $100 million to authorized dealers to meet the 7 to 15 day forwards requests of customers.

Isaac Okorafor, Central Bank of Nigeria Acting Director for Corporate Communications Department confirmed the latest intervention

Okorafor further disclosed that the banks and authorized dealers were only able to pick up $68.51 million.

Okorafor disclosed that the Central Bank of Nigeria will today, 20 April 2017, continue its sale of $20 000 to Bureax de Change (BDCs) for onward sale to small-end users.

The trend monitored by the Bank indicated that deposit money banks are now able to meet the forex demands of their customers within the time frame stipulated by the Central Bank of Nigeria.

Okorafor says feedback on the Bank’s forex new window for Small and Medium Enterprises (SMEs) in the country revealed that majority of the small importers were heading for a major boost in their activities.

This he said was responsible for the current appreciation of the Naira, stressing that the Naira will continue to gain strength with the relentless efforts of the CBN to supply the market with forex.

 

Tags: africa, banking, central bank, interbank market, nigeria
Posted in Africa, Banking, Banking