CBN releases $380m in 2 days, Naira gains

NAN>>>  The Central Bank of Nigeria, CBN has pumped a total $380million within two days into the Foreign Exchange Market. And the effect: a further strengthening of the Naira.

The first tranche of $280m was released on Tuesday, On Wednesday, the bank offered additional $100 million  to authorised dealers to meet the 7 to 15-day forwards requests of customers.

Banks seek customers for surplus forex

NAN>>>  Banks are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN).

In an effort to support and shore-up the value of Naira, CBN resolved to flood commercial banks dollars.

Related Post: Dollar crashes again at parallel market

Dollar crashes again at parallel market

The greenback on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market against the Dollar.

The Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday.

Naira falls further to 414/dollar

The naira fell to a new low of 414 against the United States dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week.

The development came five days after the Central Bank of Nigeria had banned nine commercial banks from the forex market for failing to remit the Nigerian National Petroleum Corporation’s $2.334bn into the Treasury Single Account in line with President Muhammadu Buhari’s directive last September.