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Fresh $100m brings CBN forex interventions to $1.138bn in two weeks

By on March 8, 2017

The Central Bank of Nigeria (CBN) on Tuesday, credited commercial banks with $100 million for school fees, personal travel allowances (PTA) and medical bills abroad.

This fresh injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to $1.138 billion for both forwards and invisibles.

On Monday, the apex bank, pumped fresh $367 million into the foreign exchange market, only to follow up with another $100 million on Tuesday.

Isaac Okorafor, the bank’s acting director of corporate communications, said the move 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”.

Commenting on the new CBN policy actions, Ode Ojowu, former chief executive officer of  National Planning Commission, said the CBN had become smarter with its policies.

“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,” he said.

The CBN had directed all banks to open sales points in all its locations, including airports, to ensure that customers have access to foreign exchange without hindrance.