Th e Central Bank of Nigeria (CBN) is set to inject more foreign exchange through intervention segments of the market, thereby heightening expectations that the Naira will appreciate signifi cantly during the week. Only recently the apex bank injected over $500 m into the foreign exchange market thereby fl ooding the market with the hitherto scarce product and forcing down the high movement of the forex rate.
Th e spokesman of the apex Bank, Isaac Okorafor, who confi rmed this, said the anticipated interventions in most segments of the market would be done during the week, adding that it should take eff ect from yesterday.
According to him, the Bureau D’ Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments will also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.
Meanwhile, manufacturers have praised the CBN over the foreign exchange management strategy adopted recently. Th e Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, was recently quoted as saying the, “the recent pronouncement of the CBN comes as a relief. If the intervention is sustained, there’s no doubt that we will have continued improvement in sourcing raw materials.
” Only recently too, a foremost entrepreneur, Tony Elumelu also lauded the foreign exchange regime noting that, “the recent policy initiatives of the central bank under the watch of Emefi ele had restored predictability, improved market confi dence and signifi cantly added a boost to the value of the national currency, fueling optimism that the economy would soon rebound from recession.
