Connect with us

BUSINESS

CBN acknowledges fluctuation in exchange rate

Published

on

Financial Inclusion: CBN urges financial operators to diversify products

The Central Bank of Nigeria (CBN) has acknowledged a marginal fluctuation in the exchange rate, but assured Nigerians of its continued intervention in the foreign exchange market in order to sustain liquidity and stability in the financial sector.

The apex regulator, explained that the Naira remained stable against other major currencies around the world; even as observed that activities in the foreign exchange market remained dynamic.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, gave the assurance in Abuja over the weekend, stressing that the measures being taken by the bank had yielded positive results as far as foreign exchange supply was concerned.

According to him, the interventions of the apex bank were in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Okorafor warned speculators against nefarious activities, adding that the CBN had put necessary checks in place to guard against sharp practices in the foreign exchange market. While stressing that there was nothing to suggest that the CBN planned to discontinue its foreign exchange intervention, he noted there had been accretions in the country’s foreign reserves from $30 billion to about $32 billion.

Okorafor therefore urged those who genuinely require foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands for foreign exchange.

The Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market, which received a boost of $547 million in the last round of intervention.

Meanwhile the Naira exchanged at the rate of N363 to the US dollar in the Bureau de Change segment of the market on Friday, September 8, 2017.

Oriyomi Olamiposi

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments
JoinOurWhatsAppChannel

Website Designed By DEBORIAN.COM, a Nigerian Web Designer and Web Developer -