The Central Bank of Nigeria (CBN) at
the weekend indicated that it would sustain its foreign exchange intervention
into various segments of the market, thereby heightening expectations that the
naira will appreciate in the coming days.
The expectations became rife
following the inability of the authorised dealers to fully subscribe to various
amounts offered by the bank on two consecutive times last week. Those two
events alone sent jitters to currency speculators perceiving dollar glut as
imminent in the market.
Laying credence to this development,
the spokesman of the CBN, Mr. Isaac Okorafor, confirmed the anticipated interventions
in most segments of the market during the week, with effect from today.
According to him, the Bureau De
Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other
major segments would also receive the adequate intervention with a view to
providing liquidity in the entire foreign exchange market.
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Business