CBN Sells $418m To Meet Retail Demand
In furtherance with its policy of ensuring liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) last week sold $418 million at the retail end of the inter bank market.
The apex bank said it auctioned $418 million last week Friday, April 7, 2017 at a marginal rate of N310 per dollar in which the airlines, agriculture, petroleum and raw materials/machinery sub sectors benefited from the auction.
This was in addition to the sum of US$350 million sold as wholesale auction and invisible such as personal and basic travel allowance, medicals and school fees during the week.
The apex bank restated it resolve to continue its dollar sales in the weeks ahead through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC.
The CBN said it will sell short tenured forwards of 30-day maturity to meet demand of manufacturers and all other foreign exchange users.
These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate forex demand in the market while striving to achieve exchange rate stability in the market.
