More Trouble For US Dollar In Nigeria
The United States Dollar is in trouble in the Nigerian market. The Central Bank of Nigeria (CBN) is determined to bring its value down and it is succeeding daily.
On Tuesday the CBN sustained the supply of foreign exchange to the market by releasing 195 million dollars.
This worked some magic on the exchange rates as it had resounding and immediate effect on the black market; the dollar tumbled against the naira and exchanged for 452 Naira as against 455 Naira on Monday.
The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, who gave a breakdown of the release, said 150 million dollars went to wholesale auction.
He said that the remaining 45 million dollars went for medicals, tuition, Personal and Business Travel Allowance.
Okorafor said that the Bank acted promptly and proactively in line with its promise to pump enough dollars into the market to meet the needs of people who really need it.
He said that banks were becoming saturated with foreign exchange, as most of them were now able to meet demands within the stipulated time frame.
“As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex,” he said.