The Acting Director of Corporate Communications, CBN, Isaac Okorafor,
has said the naira's recent appreciation was a result of calculated
moves that were based on intelligence reports, as well as the need to
effect the right policies at the appropriate time.
Substantiating his claims, he said that when CBN placed $500 million
in the market last week, only $370 million was taken, which was the
real demand and it also placed another $230 million, while only $221
million was taken.
He said that with forex reserves now at near $30 billion, the apex
bank had decided to do the intervention as it is more comfortable,
unlike the level it was before now, which didn't allow the bank to
feel comfortable enough to do a kind of intervention needed when
– "The CBN has done a lot of intelligence on the markets and we came
to the realisation that much of what was driving the demand in the
bureaux de change and the parallel market was mere bubble and
"We reasoned that since there was pressure on those two segments from
people seeking personal travel allowance, medicals and tuition if we
successfully address that bit, the pressure would come down. We
intervened in the market and the market reacted positively and the
naira started gaining strength," he said.