Sunday, 2 April 2017

CBN makes another powerful move to weaken the dollar

CBN makes another powerful move to weaken the dollar

The Central Bank of Nigeria apex bank,  has made another move to strengthen Nigeria's domestic currency, the Naira , as previous efforts hit the brick wall, according to reports.

This move is to ensure liquidity in the interbank market  and to the further increase in the sale of dollars to the Bureaux de change operators from $8,000 to $10,0000 dollars per week.

Confirming the intention of the apex Bank to inject additional foreign exchange into the system to newsmen in Abuja over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, said that the CBN was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users. 

Meanwhile, the CBN over the weekend also warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users. According Mr Okorafor, the CBN has received complaints from customers over frustrations which they were meant to go through in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.

The Bank urged the general public to report to it any bank that fails meet customers needs after due documentation. It once again reiterated its determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise.