CBN-Office-AbujaMore jitters run in the circle of currency speculators as the Central Bank of Nigeria (CBN) is believed to have concluded arrangement to inject more foreign exchange to ensure liquidity in the interbank FOREX market. The speculators had, in the recent past, taken advantage of the scarcity of foreign exchange.
Confirming the proposed additional foreign exchange injection into the system to newsmen in Lagos over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor said that bank was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users.
This was even as he cautioned dealers in foreign exchange not to engage in any unwholesome practice that is detrimental to smooth operations in the market.
Okorafor warned that the CBN would impose heavy sanctions on any organization or official involved in such act.
As at last week, the CBN had intervened in the interbank FOREX market by offering over $1.2 billion for both wholesale and retail interventions. [myad]
