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The Central Bank has found new muscle with the introduction of its new FX policy.
The policy will see all banks receive a total of $20m weekly, to sell to the public at N375 /$1 thereby reducing the pressure on the parallel market.
CBN suffered the humiliation of not being able to respond to the dire demand for dollars in the country since late 2016 forcing the naira to spiral out of control.
CBN introduced IMTOs and empowered them to distribute $15,000 per week which was later slashed to $8,000 per week per BDC.
AbokiFX field agents confirmed that the $8,000 dollars a week they receive barely last 60 minutes.
abokiFX observed that the Central Bank, who had been pushed to the wall since the start of 2017 decided to fight back aggressively on all fronts by using a combination of spots, forwards, price discounts and media announcements by selling $41m spot rates, $600m forwards contracts at rates below the parallel market and announcing a new FX policy.
abokiFX believes with a restored reserve approaching the $30bn threshold with further prospects of future growth, there is enough muscle to fight off any speculative demand in the market and ensure moderate liquidity is sustained on a weekly basis through multiple channels.
CBN has also called for back up from the banks to join the fight to strengthen the naira by instructing the banks to be located in BDC territories such as inside the airports, to provide liquidity penetration to customers.
AbokiFX sees some conflict of interest occurring here initially but might be mitigated in the long run.
abokiFX research team will monitor closely what the impact of the new FX policy will have on the rates and liquidity volume in the peak seasons, as that would be the real test of the return of the Naira.
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