The naira has appreciated to N970 per dollar on the black market, as government’s plans to shore-up dollar liquidity in the foreign exchange market, triggered positive sentiments.
Before now, people were buying dollars ahead for future needs, like education fees for January but with the government’s efforts to increase dollar liquidity, demand has reduced on the expectation that the rate will drop soon. “The CBN is clearing only forwards to banks. I understand that it’s done for CIti and two other international banks. I believe that their swap positions with the CBN are much smaller than what they have with the local banks such as Access, Zenith, UBA, among others,” he said.
“The government has told us the steps they are taking to improve liquidity. They talked about NNPC, swap or forward sales, which were to bring about $3 billion, recently they talked about $10 billion expected into the economy. So, it is possible that some of those things have started to trickle in and just as they said, their priority is clearing off the backlog in order to begin to restore confidence in the system.
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