By Henry Boyo
THE Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).
CBN cuts GDP growth rate to 1.75%; indicates more inflationary pressures
The Punch report, explained that “the $10.97bn figure was arrived at, by our Correspondent, based on the weekly compilation of amounts released by the Apex Bank to boost liquidity in the foreign Exchange Market.”
The CBN’s Director of Communications, Isaac Okorafor, also noted, according to the same report that, “the availability of the dollar and the Renminbi (the Chinese currency) had reduced the pressure in Nigeria’s Forex Market;” consequently,…
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