Home Business & Economy CBN boosts forex supply by $240million

CBN boosts forex supply by $240million

The Central Bank of Nigeria (CBN) Monday released the sum of $90 million to meet requests for invisible such as Business Travellers Allowance, Personal Travellers Allowances, medical and school fees.The bank also on the same day, offered a total of $150 million to authorised forex dealers in the interbank wholesale auction window.

Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, who confirmed the figure, said that the apex regulator had adjusted BDCs sale days to Tuesday only to reduce logistical difficulties.

According to him, henceforth the apex bank would sell $10,000 only to low end forex dealers once a week

In a bid to further ease the access of customers, Okorafor noted that the CBN has also directed all banks to pay cash over the counter to desiring foreign exchange customers.

While urging the banks to oblige the genuine requests of customers, the Spokesman advised customers to report any uncooperating bank to the CBN through available platforms.

It would be recalled that the CBN on the recent months has made offers and releases to the interbank foreign exchange in its bid to sustain forex rule supply to different categories of users.

Meanwhile, the CBN spokesman expressed optimism that the sum of $150 million offered to authorised forex dealers in the interbank wholesale auction window to meet the demand if genuine wholesale customers would be fully subscribed as was the case at the last auction on March 28, 2017.

 

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