The Central Bank of Nigeria (CBN) at the weekend indicated that it would sustain its foreign exchange intervention into various segments of the market, thereby heightening expectations that the naira will appreciate in the coming days.
The expectations became rife following the inability of the authorised dealers to fully subscribe to various amounts offered by the bank on two consecutive times last week. Those two events alone sent jitters to currency speculators perceiving dollar glut as imminent in the market.
Laying credence to this development, the spokesman of the CBN, Mr. Isaac Okorafor, confirmed the anticipated interventions in most segments of the market during the week, with effect from today.
According to him, the Bureau De Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments would also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.