CBN pumps $100m in forex market

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Following the injection of $280 million into the Foreign Exchange Market on Tuesday, the Central Bank of Nigeria (CBN) again offered 100 million dollars to authorised dealers to meet the 7 to 15-day forwards requests of customers.

The acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor in a statement on Wednesday disclosed that the banks and authorised dealers were only able to pick up 68.51 million dollars, out of the 100 million dollars offered.

Okorafor attributed the inability of the authorised dealers to fully subscribe to the CBN to a surfeit of forex in the system, which may lead to further appreciation of the naira.

According to him, the trend monitored by the Bank indicated that deposit money banks were now able to meet the forex…

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