Home Business Nigerian banks reduce Forex demand as CBN increases liquidity
Nigerian banks reduce Forex demand as CBN increases liquidity
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Nigerian banks reduce Forex demand as CBN increases liquidity

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Image result for Nigerian banks reduce Forex demand as CBN increases liquidityThe Central Bank of Nigeria intervention with a $2bn liquidity into the forex market, has forced Deposit Money Banks into reducing their demand for foreign currencies.

The Director, Corporate Communications Department, CBN, Isaac Okorafor, says banks have now reduced their forex intakes, against their usual manner of taking up whatever the CBN supplied.

And according to Okoroafor, the CBN will ensure continued liquidity in the forex market to meet genuine demands.

Executive secretary of the Nigerian local content development and monitoring board says the country has saved more than 5 billion dollars in domesticating training in the oil and gas sector.

He says more can be done if there is a more conducive environment and right infrastructures in place.

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