For the first time since the dollar scarcity started, the Central Bank of Nigeria (CBN) has recorded $19 million surplus after it intervened in the interbank market.

The development occurred after the CBN pumped $100 million into the interbank to meet demands at the retail end of the market, out of which authorised dealers were only able to pick $81.347 million after an initial bid for $91 million.

Speaking on the offer, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, attributed the inability of authorized dealers to pick up the entire offer to increasing dollar supply and sense of apprehension among dealers who anticipate a further crash in dollar rate.

He reiterated the apex bank’s determination to sustain its current interventions in the market.

He said, “Those who doubt the capacity of the bank to sustain the intervention in the forex market are beginning to have a change of mind.”

Meanwhile, reports gathered in Abuja and Lagos over the week indicate the naira sustained its bullish ride against major currencies, especially the United States dollar, which exchanged at an average of N385 to dollar.

Banks have placed their workers under close watch following intense pressure by ‘big’ customers on majority shareholders and directors to monitor overzealous staff eager to take advantage of the whistle blowing initiative of the federal government.

Account Officers from different banks told our correspondent the development was to prevent them from squealing on classified accounts by perceived looters and corrupt government officials.

One of them, who confirmed the development off-record, said: “The close monitoring is very intense now as everyone now watches each other’s back.”

But a Senior Account Manager in one of the commercial banks in Lagos, who also pleaded not to be named because of the sensitive nature of the matter, said the development was not new.
Source: The Nation