Forex: CBN lifts supply with $180m, invisibles get $80m

Forex: CBN lifts supply with $180m, invisibles get $80m
March 20 21:32 2017

The Central Bank of Nigeria (CBN) on Monday, March 20, 2017 offered a total of $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window.

Confirming the figures, CBN’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor, said the wholesale requests will be settled on Tuesday, March 21, 2017.

With the development, it is expected that the Naira will further strengthen in the foreign exchange market in the days to come.

While disclosing that the Bank had so far met all the legitimate demands from genuine customers, he 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, therefore, advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.

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