Home BANKING & FINANCE We’ll Continue To Ensure Enough Liquidity In Forex Supply, CBN Spokesman Assures

We’ll Continue To Ensure Enough Liquidity In Forex Supply, CBN Spokesman Assures

Isaac Okorafor CBN spokesman 1

The Acting Director in the Corporate Communications Department of the Central Bank of Nigeria (CBN), Isaac Okorafor, has given assurance that the bank would continue its intervention in the inter-bank Foreign Exchange market in order to sustain liquidity and stability in the sector.

Okorafor, who spoke today, Friday in Abuja, said that the measures being taken by the Bank had yielded positive results as far as forex supply is concerned.

He however acknowledged a marginal fluctuation in the exchange rate, but said that the naira remained stable against other major currencies around the world. He added that activities in the foreign exchange market remained dynamic.

According to him, the interventions of the apex Bank were in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Okorafor warned speculators against nefarious activities, adding that the CBN had put necessary checks in place to guard against sharp practices in the forex market.

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The CBN spokesman said that there is nothing to suggest that the CBN planned to discontinue its forex intervention and that there had been accretions in the country’s foreign reserves from $30 Billion to about $32 billion.

Okorafor advised those who genuinely require foreign exchange for their transactions to approach their banks, and that the banks had enough forex to meet the demands for foreign exchange.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market, which received a boost of $547 Million in the last round of intervention.

Meanwhile, the Naira exchanged at the rate of N363 to the US dollar in the Bureau de Change segment of the market today, Friday, September 8. [myad]