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Naira weakens further despite CBN’s FX supply assurance

DESPITE assurances by the Central Bank that it will ensure adequate supply of foreign exchange to meet the legitimate needs of Nigerians, the naira has continued its free fall, landing at N575/$1 on Thursday.

The naira maintained a downward trend falling to 570/$1 last week Friday from N490/$1 before the CBN stopped forex sale to the Bureau De Change operators in July.

In a bid to solve the crisis, the CBN on Friday vowed to investigate Abokifx, an online forex publication.

In reaction to the CBN’s threat, AbokiFX went on to suspend publication of its forex rates of naira to other currencies.

However, despite the suspension, the naira plunged to N580/$1 this week Monday, rallying around N575/$1 on Thursday at the parallel market.

The naira had hit a high of N415.20 to close at N413.63 at the Investor & Exporter forex window yesterday.

The CBN spokesman, Osita Nwanisobi, had reiterated the apex bank’s commitment to meeting the foreign exchange request of travellers with legitimate needs as they related to travel allowances, payment of tuition and medical fees among other invisible.

He said, “there is enough supply of foreign exchange to the banks to meet legitimate demands for foreign exchange.”

Nwanisobi said that no customer requiring foreign exchange for genuine transactions would be turned back by their banks.

He urged the banking public to insist on their rights to be attended to as long as they possessed all the requisite documents to validate their requests.

Nwanisobi assured that the CBN would not hesitate to approve foreign exchange for customers with legitimate demands that exceeded transaction limit as long as the application was supported with specified requirements.

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