Business

CBN intervenes in interbank market to save naira

CBN Gov Emefiele's wife reportedly kidnapped, N200m ransom demanded

Apparently disturbed by the continuous slide of the naira, the Central Bank of Nigeria on Friday rose to the challenge by injecting $5 million to the interbank market.

Though the move did not help much in shoring up the local currency, having exchanged to N300 as against N331 to the dollar it suffered before the intervention.

Due to what is said to be scarcity of dollar, caused by poor revenue earning from oil, CBN had not been forthcoming in funding the market in the past weeks.

However, the CBN move seemed to have raised some hope among the business community that government is about showing more concern over the current battering of the Naira.

Read also: Poor packaging, bane of Nigerian goods abroad –NEPC

Both at the official and black markets, operators said they were looking forwards to similar intervention next week, which is the only means to reduce the tension created by inability of the apexbank to increase the $350,000 it belatedly provided the market on Tuesday.

There is also expectation from many quarters that more dollars might be available at subsequent markets transaction given the new policy thrust that allows bank customers with domiciliary accounts to lodge hard currencies in such accounts.

RipplesNigeria …without borders, without fears

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!