Value of Naira to rise against the foreign currencies

The Value of Naira is set to rise later in the week as the Central Bank of Nigeria (CBN) plans to infuse more Foreign Exchange (Forex) into the market to meet the requests of genuine customers.

The was made known by the  spokesman of  the CBN, Mr Isaac Okorafor, gave the assurance in a statement on Sunday in Lagos.

The apex bank had so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.

The statement said the bank was committed to ensuring that authorised dealers got sufficient supply to meet the demands of authentic customers of banks.

It disclosed that the bank had since February offered over one billion dollars to the interbank market.

The bank expressed optimism that stability had been restored to the forex market.

According to the statement, individuals can easily access forex to address personal and business allowances.

A summary of the CBN intervention in the interbank market over the past two months, shows the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.

Source: ( PM News )


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