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Banks’ demand for forex drops, CBN injects fresh $100m – Punch

HomeNewsBanks’ demand for forex drops, CBN injects fresh $100m – Punch
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Banks’ demand for forex drops, CBN injects fresh $100m – Punch
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    Alex Ikechukwu
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Ifeanyi Onuba, Abuja

The series of interventions by the Central Bank of Nigeria, which have seen the injection of over $2bn in liquidity into the foreign exchange market, have forced Deposit Money Banks into reducing their demands for foreign currencies.

This was confirmed on Thursday in a statement issued by the Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor.

Okorafor said that unlike in the past where the banks usually take up all the forex supplied by the apex bank, the situation was different on Thursday as they were only able to demand $45m out of the $100m offered by the CBN.

He explained that the major injection of forex made by the CBN in the course of the week was aimed at providing access to all stakeholders with legitimate need for forex.

“The CBN remains upbeat that the forex market will remain liquid and that Nigerians who genuinely require forex will get ample access to the currency,” Okorafor noted.

The CBN had earlier in the week made special interventions in the Bureau de Change segment of the forex market and capped it up with the opening of a new window for Small and Medium-scale Enterprises.

These special interventions, according to the statement, are in addition to over $500m offered to dealers in the wholesale and retail segments of the forex market in the past week.

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