Dollar will crash further – CBN

Central Bank of Nigeria, CBN, on Sunday reiterated its determination to sustain the provision of foreign exchange to ensure Naira gains further strength as well as been available to end users.

Acting Director, Corporate Communications, Isaac Okorafor, in a statement said CBN wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention.

Okorafor said the bank would again, early this week, inject more foreign exchange into the market, leading to further weakening of the dollar.

“This is in addition to the further increase in the sale of dollars to the Bureau de change operators from $8,000 to $10,000 per week.”

Okorafor warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.

He disclosed that CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.

CBN urged the general public to report any bank that failed to meet customers’ needs after due documentation.

The Naira closed at N394 to a dollar on Friday, which translated to 10 per cent depreciation of what was recorded earlier in the week.

The depreciation was attributed to the alleged hoarding of forex by banks rather than selling to genuine customers.