Naira slides amidst CBN’s assurance of increasing forex supply

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

As part of efforts to solve naira crisis, the CBN on Friday vowed to clampdown on Abokifx, an online forex publication.Despite the suspension, the naira fell to N580 on Monday, and traded around 575 to the dollar as of Thursday at the parallel market. At the Investor & Exporter forex window on Thursday, the naira hit a high of N415.20 to close at N413.63.

CBN spokesman, Mr Osita Nwanisobi, had said the apex bank remained committed 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 invisibles. “There is enough supply of foreign exchange to the banks to meet legitimate demands for foreign exchange,” he said.

Unless, the price of oil increases in the international markets, other exports, reductions in none essential imports, medical tourism to mention a few, the Naira is not likely to get a break.The decision on BDCs came very late but it's okay

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