The Apex Bank reiterated its determination to sustain the provision of foreign exchange for genuine end users with a view to ensuring liquidity, enhance accessibility and affordability in the FX market.
The bank’s acting Director, Corporate Communications; Mr Isaac Okorafor in a statement on Sunday said the bank wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention.
He said CBN would again, early this week, inject more foreign exchange into the market, leading to a further weakening of the dollar.
Mr. Okorafor said “This is in addition to the further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’
He however warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.
“The CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and business travel allowance”. He said
The CBN acting director urged the general public to report it to any bank that failed to meet customers’ needs after due documentation and reiterated the bank’s determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise.
Naira has witnessed significant appreciation agains the dollars after CBN intervention few weeks ago. The Naira closed the week at N394/$ in the parallel market on Friday from a rate above N500/$ before the intervention. CBN increase of sales to BDC from 8,000usd to 10,000 per week and it determinations to meet up with all the demand for all invisibles and trade transaction is a welcomed development.