The Central Bank of Nigeria intervention of $2bn in liquidity into the forex market, have forced Deposit Money Banks into reducing their demands for foreign currencies.
The Director, Corporate Communications Department, CBN, Isaac Okorafor, says that banks now reduce their forex intakes, in contrast to their usual manner of taking up whatever the CBN had supplied.
According Okoroafor, the CBN will ensure liquidity in the forex market to meet genuine demands.
