Nigeria's apex bank vows to sustain foreign exchange liquidity

Nigeria's apex bank on Sunday vowed to sustain provision of foreign exchange with a view to ensure liquidity in the market and enhance accessibility and affordability for genuine end users.

Spokesperson for the Central Bank of Nigeria (CBN) Isaac Okorafor said in a statement that the bank wants to disabuse the notion by market speculators that it would not be able to sustain its forex intervention.

The apex bank would again inject more foreign exchange into the market, leading to a further weakening of the U.S. dollar, he added.

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, the spokesperson said.

He warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.

According to Okorafor, the CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.

The spokesperson called on the general public to report it to any bank that failed to meet customers' needs after due documentation.

He reiterated the apex bank's determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise. Enditem