The Central Bank of Nigeria (CBN) has released an additional sum of $388.66million to ease pressure on the naira, stimulate business activities and make foreign exchange (Forex) accessible to local operators.
Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, disclosed that the sum of $87.885million was for spot sales, while $300.8 million was sold as forwards.
Okorafor further explained that the forwards were sold into three tenors of 30, 45 and 60 days respectively. According to him, the Bank sold $100.95 as 30-day forwards; $110.48 million as 45-day forwards and $99.37 as 60-day forwards.
