CBN Pumps More Dollars Into Foreign Exchange Market
As part of strategies
aimed at strengthening the Nigerian currency, the Central Bank of Nigeria (CBN)
says it will pump more dollars into the foreign exchange market.
Confirming the
development to newsmen, the Acting Director, Corporate communications, Isaac
Okorafor stated that following improvements in reserve levels, the central Bank
is determined to continuously make forex available to all genuine customers.
It worthwhile to note
that this development has generated panic among currency traders who are yet to
recover from losses suffered in the last two weeks,..owing to sharp and sudden
appreciation of the Naira as well as led to release of hard currencies to
reduce future loss.
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