CBN Boosts FX Supply With Additional $180 Million

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forexThe Central Bank of Nigeria (CBN) on Monday offered a total of $180 million to meet bids for wholesale auction and requests for invisible such as medicals, school fees and personal travel allowances valued at $80 million through the inter-bank window.

The Acting Director of CBN Corporate Communications Department, Isaac Okorafor, who confirmed the figures, said the wholesale requests would be settled on Tuesday, March 21, 2017.

With the development, it is expected that the Naira will further strengthen in the Foreign Exchange (FX) market in the days to come.

Mr Okorafor stated that the financial regulator has so far met all the legitimate demands from genuine customers.

He reiterated that the apex bank would ensure sustainable FX liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demanded.

The CBN official further advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request.

He stressed that the CBN had made adequate provisions of foreign currency for all such legitimate purposes, asking the customers to approach the financial regulator with their complaints should they be unfairly denied access.

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