Forex: In continuation of its resolve to ease the challenge of access to foreign exchange, the Central Bank of Nigeria (CBN) has further injected another sum of $100m into the interbank foreign exchange market, while Operators of Bureau de Change Outlets (BDCs) are complaining of low patronage from customers who are now accessing the funds from commercial banks.
One of the Operators of BDC said that: “Since the commencement of the new Forex trading by CBN only the commercial banks are benefiting from the interventions. Some of us have lost so much funds as we don’t receive enough from the CBN. The commercial banks too are not stingy refusing to also give us enough.”
When contacted, the CBN spokesperson, Isaac Okorafor said the latest intervention by the Bank was 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.
This fresh injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to $1.138m for both forwards and invisibles.
Commending the move, market analysts observe that it will further create problems for currency speculators who are yet to recover from the sudden appreciation of the Naira.
According to the former economic adviser to the President and Minister, National Planning Commission, Professor Ode Ojowu, “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.