CBN moves to rescue FX market
The Central Bank of Nigeria (CBN) will introduce more funds in the Nigerian foreign exchange market.
In addition to the existing market days, Monday, Wednesday and Friday, the apex bank has introduced Thursday as a special intervention day, with $15k allocated to every BDC effective Dec, 6th 2018.
CBN said, it adopts this initiative in view of the approaching festive season, which will definitely spur an increase in dollar demand mainly for PTA/BTA Personal and Business travel allowance.
The apex bank however, warn the money operators to stick to the aim of this supply and promised to deal with defaulting members accordingly.
Naira on Thursday hits a record low of N370 per $ at the parallel market.
It’s also clear that this fund injection will heap further pressure on the naira.
As at Thursday Nov 29, available data shows that the country’s gross foreign reserve stood at $41b.
Raphael Orji is a Digital Marketing Expert, Seasoned and Dynamic Freelancer, with interest in Banking, Personal finance, Entrepreneurial development. A Councillor and Motivational Speaker.
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