Sallah Holiday: CBN Hits $547 Forex Mark

Ahead of the Eid-el-Kabir celebrations, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars compared to the 195 million dollars offered the previous week.

Acting Director, Corporate Communications Department of CBN, Mr Isaac Okorafor said the intervention is meant to raise the ‘Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.’

In a statement in Abuja, the apex bank spokesman also expressed confidence that the interventions would continue to guarantee stability in the market.

According to him, the CBN is determined to always ensure dollars’ availability to individuals and business concerns with genuine demand for Forex transactions.

As at the close of business on Thursday, the Naira sold at N362 to a dollar as supply by the apex bank improves. The development presents a great improvement over the N370 it was selling earlier in the week.

Similarly, the Pound Sterling and the Euro maintained their strength against the Naira as they exchanged at N462 and N428 respectively.