The Naira, yesterday, Wednesday, hit
its biggest recovery since the economic recession started, the currency went from N520/$1 to N503/$1 on Wednesday.
The development came 24 hours after the CBN provided a total sum of $370,810,810.79 to 23 banks to meet the visible and inviable
requests of customers.
Acting Director, Corporate Communications Department, CBN, Mr.
Isaac Okorafor, said the Bank’s intermediation in the Forex market was the
first intervention aimed at easing the pressure of access to forex by Nigerians
who intend to meet obligations that fall under visible and invisible needs
categories.
He said the CBN offered $500,000,000.00 for
sale to the banks, but not all of them provided enough naira backing to pay
fully for their respective bid amounts.
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