CBN offers $100m in Wholesale forwards

Posted by News Express | 28 April 2017 | 1,798 times

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•A wad of dollars.

Buoyed by the impact of its interventions and stability in the foreign exchange market, the Central Bank of Nigeria (CBN) on Thursday offered the sum of $100 million to authorised dealers to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, disclosed this, adding that no intervention was made in the retail window in yesterday’s auction.

He, however, disclosed that the bank continued its weekly sale of forex to the Bureau de Change (BDC) segment to meet the needs of low-end users.

Furthermore, he said the CBN had observed that quite a good number of dealers were adhering to the forex guidelines. Nevertheless, he said the CBN will continue to monitor the activities of authorised dealers to ensure that no outfit or individual circumvents the laid down forex rules.

While urging all concerned to put the Nigerian economy first, he reiterated that the CBN was determined to guarantee the international value of the naira.

Meanwhile, reports gathered in Abuja and Lagos on Thursday indicate the Naira sold at the rate of N380/$1.


Source: News Express

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