CBN Pumps $350M Into Economy To Strengthen Naira -

CBN Pumps $350M Into Economy To Strengthen Naira

CBN pumps Dollar ($350m) into economy to strengthen Naira

In its continued efforts to save the Naira from depreciating, the Central Bank of Nigeria has pumped another $350M into the economy despite pumping about $500M last week in a bid to strengthen the Naira.

CBN spokesperson, Isaac Okorafor, who spoke with PREMIUM TIMES in Sokoto on Friday, said the inability of the market to absorb the entire supply of dollars to the market was an indication that the supposed high demand for foreign exchange was artificially induced by speculators to spike the price for selfish reasons.

Following the CBN intervention in the market in the last two weeks, the value of Naira has strengthened significantly, from about N515 to the dollar to about $485 to the dollar in the first week.

The value has since been boosted to about N450 to the dollar in the second week.


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