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Naira To Appreciate Further As CBN Injects Extra $180m


The Naira is expected to further appreciate within the week as the Central Bank of Nigeria (CBN) has offered additional S180 million to meet bids for wholesale auction and requests.

The requests  cover invisibles such as medicals, school fees and personal travel allowances valued at $80 million through the inter-bank window.

The CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor disclosed this in a statement, on Monday in Abuja.

He said the wholesale requests will be settled on Tuesday, 21 March 2017.

So far, the CBN has kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

The statement said the bank was committed to ensuring that authorised dealers get sufficient supply to meet the demands of authentic customers of banks.

The central bank expressed optimism that stability had been restored to the forex market.

According to Mr Okorafor, the bank has since February offered over one billion dollars to the interbank forex market.

He said that with the development, it is expected that the Naira would further strengthen in the foreign exchange market in the days to come.

The latest development will afford individuals easy access to 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 was N360 per dollar while the lowest was N315 per dollar.

Okorafor reiterated that the CBN would ensure sustainable forex liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.

He advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request. 

He stressed that the CBN has made adequate provisions of foreign currency for all such legitimate purposes.

He further advised legitimate customers to approach the CBN with their complaints should they be unfairly denied access.

The Bank had since February 2017 offered over S1.5 billion to the interbank market, with the aim of bringing stability to the foreign exchange market and providing easy access of businesses and individuals to foreign currencies.

Meanwhile the Naira has continued to firm up against the Dollar at the parallel market. The Naira today traded at N445 to a Dollar.

The Naira has also continued to appreciate against the Pound Sterling, trading at N530 and N465, to one Euro.

At the Bureau De Change (BDC) window, the Naira traded for N399 to a dollar, while a Pounds Sterling and Euro changes for N580 and N525, respectively.

The Nigerian currency also closed at N307.5 at the interbank market.

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