Over the past 48 hours, The Central Bank of Nigeria, CBN has pumped a total $380million into the Foreign Exchange Market in the continuing bid to sustain the Naira. The important question is how long shall this continue for before it is tagged unsustainable?
On Tuesday, the first instalment of $280 million was made available and followed up on Wednesday, with an additional $100 million to authorised dealers. On Wednesday, the Naira closed at N390 on the parallel market and N306 to a dollar at the interbank market as the CBN reiterated its commitment to ensuring that Nigerians with legitimate needs for forex can access it.
Source: PUNCH