Naira to appreciate further as CBN boosts forex sale

The Naira is set to appreciate further this week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange (Forex) into the market to meet the requests of genuine customers.

CBN spokesman Isaac Okorafor, gave the assurance yesterday.

The News Agency of Nigeria (NAN) reports that the apex bank had so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

Okorafor said the bank was committed to ensuring that authorised dealers got sufficient supply to meet the demands of authentic customers of banks.

He adde that the bank had since February offered over one billion dollars to the interbank market, and expressed optimism that stability had been restored to the forex market.

He said individuals could easily access forex to address personal and business allowances.

A summary of the CBN intervention in the interbank market over the past two months showed that the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.