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Naira Will Appreciate Further This Week

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The Naira is set to appreciate further this week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange into the market.

CBN spokesman Isaac Okorafor, gave the assurance yesterday.

Okorafor said the bank was committed to ensuring that authorised dealers got sufficient supply to meet the demands of authentic customers of banks.

He added that the bank had since February offered over one billion dollars to the interbank market, and expressed optimism that stability had been restored to the forex market.

He said individuals could easily access forex to address personal and business allowances.

CBN intervention in the interbank market over the past two months showed that the highest bid rate was N360 per dollars, while the lowest was N315 per dollar.

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