May 29, 2022


Accounting + Finance Blog

CBN To Provide More Forex To Disabuse Critics


The Central Bank of Nigeria has restated its determination to ensure more forex so that there will be availaleand affordable forex to users. This is also to disabuse what market critics speculated which is CBN can not sustain foreign exchange intervention, says The AG Director, Corporate Communications, Mr. Okarafor in a statement on Sunday.

According to him, the apex bank would inject more forex during the week. This will further weaken the dollar.

You may recall that the exchange of Naira to Dollar stood at N394 to one Dollar on Friday.

“There wil be further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’ said Mr. Okarafor.

In addition, he said that the CBN had received a lot of complaints from bank customers over difficulty in getting Forex to pay certain invisible items such as medical fees, tuition fees PTA and BTA.

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