CBN pump additional $350mn into forex market

The Central Bank of Nigeria (CBN) recently injected an additional $350 million into the foreign exchange market over the weekend as part of its efforts to sustain positive momentum. This move has sparked discussions among experts and analysts about the sustainability of CBN's forex policies and the overall outlook for the market. In a recent interview with Chioma Udu, a Forex Dealer at Guarantee Trust Bank, she shared insights on the Apex Bank's sustainability plans and the key factors driving the forex market dynamics. One of the key themes that emerged from the interview was the focus on CBN's sustainability plans for the forex market. Chioma highlighted the significance of the recent injection of funds and the consistent efforts by the CBN to address market demands. She emphasized the importance of continued interventions to build confidence in the market and attract foreign direct investments. Key Points: 1. Sustainability of CBN's Forex Policies: Chioma Udu discussed the sustainability of CBN's forex policies and the need for ongoing interventions to address market demands. She highlighted the importance of building confidence in the market to attract investors and support economic growth. 2. Market Demand and Confidence: The interview touched upon the significant market demand for foreign exchange, including expenses such as school fees, business plans, and travel. Chioma emphasized the need for the CBN to address these demands effectively to maintain market stability and prevent fluctuations in exchange rates. 3. Industrialization and Economic Growth: Chioma also discussed the role of the CBN in supporting the industrial sector by prioritizing raw materials and machinery in forex auctions. She emphasized the importance of boosting local production to drive economic growth and reduce dependency on oil revenue. In conclusion, Chioma Udu provided an optimistic outlook for the forex market in the month of March, citing factors such as stable production levels and continued CBN interventions. She also highlighted the need to diversify the economy away from oil reliance to ensure long-term stability and growth. Overall, the interview shed light on the complexities of the forex market and the ongoing efforts by the CBN to navigate these challenges.