FOREX: CBN set to inject more dollar into foreign exchange market

There are strong indications that the Central Bank of Nigeria (CBN) is unrelenting in its move to ensure liquidity in the interbank FOREX market, as it will inject more foreign exchange into market early this week.

The move of the apex bank, which became clear over the weekend, has reportedly sent jitters into the business spine of currency speculators who hitherto took advantage of the scarcity of foreign exchange in the recent past to profiteer. 

Confirming the proposed additional foreign exchange injection into the system to newsmen in Lagos over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor said that bank was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users. 

Mr. Okorafor also cautioned dealers in foreign exchange not to engage in any unwholesome practice that is detrimental to smooth operations in the market, warning that the CBN would impose heavy sanctions on any authorise dealer or official involved in such act. 

As at last week, the CBN had intervened in the interbank FOREX market by offering over $1.2 billion for both wholesale and retail interventions.