CBN releases another $367m into FOREX market

Posted by News Express | 7 March 2017 | 2,174 times

•CBN Governor Godwin Emefiele.

The Central Bank of Nigeria (CBN) on Monday carried out another round of retail interventions in the interbank foreign exchange (FOREX) market by providing a total sum of $367,134,329.93 to meet the forwards requests of customers.

A breakdown of the forwards shows that the sum of $144,073,753.07 was for 45 days forwards, while $223,060,576.86 was for 60 days.

The CBN Acting Director in charge of Corporate Communications, Isaac Okorafor, confirmed the release, adding that the move was in line with the bank’s determination to ease the foreign exchange pressure on various sectors through forward sales under the new flexible Foreign Exchange regime to keep the market liquidity.

Source: News Express