As part of ongoing efforts to stabilize the Naira against major foreign currencies, the Central Bank of Nigeria (CBN) on Tuesday announced a further $100m injection into the interbank foreign exchange market.
This fresh injection, the apex confirmed to newsmen in Abuja through Isaac Okoroafor, its Acting Director of Corporate Communications, brings amount so far pumped into the forex market within the last two weeks to $1.138bn for both forwards and invisibles.
He said the latest move is to fund the commercial banks with enough forex to cater for the request of customers to meet personal travelling allowance (PTA), basic travelling allowance (BTA), medicals and tuition fees.
The move, market analysts observe, will further create problems for currency speculators who are yet to recover from the sudden appreciation of the Naira.
Reacting, former economic adviser to the President and Minister, National Planning Commission, Professor Ode Ojowu, for example said: “It appears this time around, the CBN has decided to become smarter than the market manipulators, by putting on its cap of authority to look beneath the market forces”
It will be recalled that the CBN, in February 2017, changed its forex rule supply to guarantee supply to both small and the big end-users. The policy has restored stability and bolstered market confidence which has ultimately boosted the value of the Naira.
Analysts have also commended the efforts of the CBN in ensuring the continuous appreciation of the naira. This they attributed to good policy and effective communication strategy, which has witnessed increased dollar supply to the market.