Yesterday the week began on a positive note as the Naira appreciated by about 4 percent at the street market,where the local currency exchanged at N430 to a dollar$ in Abuja while it traded in Lagos at N435 before the close of yeterday
This began as the Central Bank of Nigeria (CBN) on Monday, March 20, 2017 offered a total of $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window. The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, Confirming the figures, said the wholesale requests will be settled today Tuesday, March 21, 2017, adding that the closing interbank rate for Monday, March 20, 2017, was N307.5/$1.
In regards to this improvement, it is expected that the Naira will further strengthen in the foreign exchange market in the days to come. He therefore further advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.
While disclosing that the Bank had so far met all the legitimate demands from genuine customers, he reiterated that the CBN would ensure sustainable forex liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.
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