CBN Sends Forex Traders Scampering As It Releases Additional $350 Million Into Market

The Central Bank of Nigeria (CBN) has sent Forex traders scampering as it pumped additional $350 Million into the foreign exchange market, bringing the total so far released within a week to $570 Million.
Information reaching us at Greenbarge Reporters showed that the apex Bank is working hard to further crash the value of the Dollar and strengthen the value of Naira.
Already there is heightened fears among traders and other market participants who are yet to recover from the losses of the last two weeks owing to sharp and sudden appreciation of the Naira.
Acting Director, Corporate communications, Isaac Okorafor, confirmed this development and said that with improving reserve levels, the Bank is determined to continuously make forex available to all genuine customers through their banks. He advised those hoarding the greenback to reduce their losses by selling their dollar stock.
Market watchers, say there is the likelihood of a liquidity glut as banks are beginning to send out salespeople to scout for customers to buy off their dollars in an effort to avoid losses, arising from the expected further appreciation of the Naira.
The CBN has, in the last one week, supplied a total of $570m to the market made up of $80m for PTA, Medical fees and school fees, $100m in wholesale forwards, while another $350m is planned for injection this weekend. [myad]