The Central Bank of Nigeria continued its defence of the naira against depreciation with the injection of $55million into the small and medium scale foreign exchange window on Wednesday.
In all, the bank pumped a total of $210million into the foreign exchange market, with $100 million given to authorised wholesalers, and $55 million provided to meet demand for invisibles such as payment of tuition fees, medical charges and basic travel allowance.
The CBN believed that the current devaluation in the Nigerian currency is due to activities of hoarders of the currency, and has therefore step up its monitoring activities of the financial system to ensure that operators play according to the rules.
On Monday, the CBN governor, Godwin Emiefiele, took a tour of some banks in the country’s capital, Abuja, to supervise the sale of foreign exchange to customers over the counter.
Spokesperson of the apex bank, Isaac Okorafor, also urged Deposit Money Banks (DMBs) to keep up with the provision of BasicTravel Allowance and Business Travel Allowance to ‘genuine customers', with a promise that the CBN has enough dollars in its vaults to meet all the foreign exchange demands.