Again and again, CBN injects additional $100m Tuesday, making $1.14bn in 2 weeks

Like the proverbial drops of water that makes the ocean, the Central Bank of Nigeria on Tuesday dropped another sum of $100m into the interbank foreign exchange market.

Tuesday injection totals the amount so far pumped into the interbank Forex market within the last two weeks to $1.14bn for both forwards and invisibles.

This was disclosed by the Acting Director of Corporate Communications, Isaac Okorafor.

The apex bank however linked the latest injection as part of renewed measures to make Forex easily accessible, and further weaken the excesses of demand at the black market.

Okoroafor noted that the idea was to ease up forex access via the commercial to cater for the request of customers and to meet basic travelling allowance, medicals and tuition fees.

Analysts say the momentary release hobble currency speculators out of business if the CBn keeps the trend for a longer time.

However, many observers added that the job of stabilizing the naira would have been much easier and permanently effective if Bureau ‘D Change (BDC) is outlawed than pursuing them once in awhile because they are either currency speculators or their accomplices.