CBN Releases Additional $367m To Boost Forex Supply
In a bid to boost foreign exchange supply and keep the market liquidity, the Central Bank of Nigeria, CBN, on Monday, released another $367 million to meet customer’s request.
Mr. Isaac Okorafor, Acting Director, Corporate Communications Department, CBN, who confirmed this yesterday said the $367 million comprises $144,073,753.07 for 45 days forwards, while $223,060,576.86 was for 60 days.
Last week, the apex bank intervened in the foreign exchange market by selling $180 million on Monday and $350 million on Friday in order to sustain the appreciation of the naira in the parallel market.
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This also followed with a directive to commercial banks to treat foreign exchange demands within 48 hours after applications.
Dr. Alvan Ikoku, the Director, Financial Markets Department, who disclosed this on Sunday said the Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), should take a maximum of 24 hours, while school fees and medicals, among others, would not exceed 48 hours before disbursements are made.
