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As part of measures to tackle Nigeria’s Foreign Exchange (FOREX) crisis, the Central Bank of Nigeria (CBN) on Monday carried out another round of retail interventions in the interbank FOREX market by providing $367,134,329.93 to meet the forward requests of customers.
A breakdown of the forwards request shows that the sum of $144,073,753.07 was for 45 days forwards, while $223,060,576.86 was for 60 days.
The CBN Acting Director in charge of Corporate Communications, Isaac Okorafor, who confirmed the development explained that the move was in line with the Bank’s determination to ease the foreign exchange pressure on various sectors through forward sales under the new flexible Foreign Exchange regime to keep the market liquidity.
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