CBN Boosts Forex Supply By $240m, Orders OTC Sales For Customers

The Central Bank of Nigeria (CBN) today Monday released another sum of $90 million to meet requests for invisibles such as BTA/PTA, medical and school fees.

The Apex Bank, also on the same day, offered a total
of $150 million to authorized FOREX dealers in the interbank wholesale
auction window.

The Bank’s Acting Director of Corporate Communications,
Isaac Okorafor confirmed the figures, disclosing that the CBN had
adjusted BDC sale days to Tuesdays only to reduce logistical
difficulties. 

He however added that, henceforth, the apex Bank would sell $10,000 only to low-end forex dealers once a week. 

According to Mr Okorafor, “in a bid to further ease the access
of customers, the CBN has also directed all banks to pay cash over the
counter to desiring foreign exchange customers.”

While urging the banks to oblige the genuine requests of
customers, the spokesman advised customers to report any uncooperating
bank to the CBN through available platforms. 

It will be recalled that the CBN in the recent months has
made offers and releases to the inter-bank foreign exchange market in
its bid to sustain forex rule supply to different categories of users. 

Meanwhile, the CBN spokesman expressed optimism that
the sum of $150 million offered to authorized FOREX dealers in the inter bank wholesale window to meet the requests of genuine wholesale
customers would be fully subscribed at the auction as was the case at
the last auction on March 28, 2017.