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CBN releases additional $180m into forex market

From Uche Usim, Abuja

In its determination to strengthen the naira and ease international trade, the Central Bank of Nigeria (CBN) yesterday offered a total of $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window. 

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests will be settled today. 

With the development, it is expected that the naira will further strengthen in the foreign exchange market in the days to come.

While disclosing that the bank had so far met all the legitimate demands from genuine customers, he reiterated that the CBN would ensure sustainable forex liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.

He therefore advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions for foreign currency for all such legitimate purposes.

Okorafor further advised legitimate customers to approach the CBN with their complaints should they be unfairly denied access to foreign currencies.

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