Speaking on the development, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, said the inability of authorized dealers to pick up the whole amount offered was a pointer to the fact that there was enough foreign exchange to meet legitimate forex demands within the system
Browsing: Bureau de Change
The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, disclosed this, adding that no intervention was made in the retail window in Thursday’s auction
The Nigerian currency lost two points to close at N390 to the dollar, while the Pound Sterling and the Euro traded at N495 and N415 respectively
Traders commended the Central Bank of Nigeria for sustaining liquidity at the foreign exchange market as market volatility was not in the interest of the economy
A market survey revealed that the Naira, which sold at over N405 to $1 as Monday, recorded a boost
The spokesman of the CBN, Isaac Okorafor, attributed the inability of the authorised dealers to fully subscribe to the CBN offer to a surfeit of forex in the system, which may lead to further appreciation of the naira
Gwadabe told the News Agency of Nigeria on Tuesday in Lagos that the increase in the weekly volume of foreign exchange offered to BDCs had seen the reduction in the exchange rate gap from N418 to N403 to the dollar
Indications of excessive liquidity in the market emerged on Thursday last week when operators could only pick a little over $39 million out of the $100 million offered for bid by the apex bank
Confirming this in Abuja on Wednesday, the Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed that the Bank has also commenced heavy injections into the spot market in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance
This was in spite of the Central Bank of Nigeria’s intervention at both the interbank market and Bureau De Change window
Its President, Alhaji Aminu Gwadabe, who spoke at the directors’ meeting in Lagos, said it was important that the members complied with Central Bank of Nigeria regulation to force down the exchange rate in the parallel market
Two persons apprehended in the course of the raid are helping the Commission in its investigation
In the weeks ahead, the CBN said it will sustain its intervention through the sale of foreign exchange to all segments of the market
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, said the additional injection of $10,000 by the CBN to BDCs would help to checkmate speculation
The Acting Director, Corporate Communications, CBN, Isaac Okorafor said this in a statement on Wednesday in Abuja
Traders at the market said the intervention by the Central Bank of Nigeria at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar
Those who stand to gain from the sales through the interbank wholesale auction window include manufacturers, importers of agro-machineries, plants and critical raw materials
The apex bank’s acting Director, Corporate Communications, Isaac Okorafor, in a statement on Sunday said the bank wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention
NAN reports that the naira ended the week on a negative note, eroding the 12.36 point appreciation it recorded in its trading last week
A Bureau de Change operator, who preferred anonymity, attributed the rise in the dollar exchange rate to the present high demand for the currency