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CBN offers $100m forex to dealers

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The Central Bank of Nigeria (CBN) on Thursday
said it had offered 100 million dollars to
authorised dealers as its intervention to
stabilise the foreign exchange market.
Mr Isaac Okorafor, Acting Director of the
Corporate Communications Department of CBN.

disclosed this in a statement on Thursday.
Okorafor, however, said that no intervention
was made in the retail window in Thursday’s
auction.

The Central Bank of Nigeria head office in
Abuja.

He said that the bank continued its weekly sale
of foreign exchange to the Bureau de Change
(BDC) segment to meet the needs of low-end
users.

The CBN spokesman further said that the bank
had observed that quite a good number of
dealers were adhering to the forex guidelines.

Okorafor said the CBN would continue to
monitor activities of authorised dealers to
ensure that no outfit or individual circumvented
laid down forex rules.

He urged all concerned to put the Nigerian
economy first, adding that the CBN was
determined to guarantee the international value
of the naira.

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