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CBN Lifts Supply With $180m As BDCs Envisage Naira Appreciation

CBN Lifts Supply With $180m As BDCs  Envisage Naira Appreciation

The Central Bank of Nigeria (CBN) yesterday offered a total of $180 million to meet bids for forwards, which includes requests for invisibles such as medicals, school fees and personal travel allowances valued at $43 million, through the inter-bank window.

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests will be settled today 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 apex 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.

Meanwhile, president of the Association of Bureau de Change Operators of Nigeria (ABCON) Aminu Gwadabe notes that speculators and currency hoarders are expected to record huge loses this week due to the sustained intervention in the interbank market and granting of more access to bdcs at the IMTSO window by apex bank.

“My expectation is that if both volumes and applicable exchange rates are review for the bdcs subsector.The naira should be trading at N415 to the dollar.

“The developments in the market have completely reduce or eliminated frivolous demand in the market which hitherto has being one of the major reasons for the naira weakness” Gwadabe said.

 

This post was syndicated from Nigerian News from Leadership News. Click here to read the full text on the original website.

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