Naira gains strength against dollar as CBN fights recession with another $180m

The Central Bank of Nigeria (CBN) has pumped a total of $180 million into the foreign exchange market just as the naira appreciated to 445 per dollar on Monday

The fresh input was 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, Isaac Okorafor, the acting director, corporate communications department, CBN, said the wholesale requests will be settled on Tuesday, March 21, 2017.

The naira is expected to gain more grounds against the dollar for in the foreign exchange market for the days to come.

While disclosing that the bank had so far met all the legitimate demands from genuine customers, Okorafor reiterated said 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.

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

The pound went for N530 while the euro traded at N465 at the parallel market.

Jide

Media strategist •Good citizen of Nigeria and Social Media Evangelist

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