Dealers Pick $85.69m Of CBN’s Forex Offer

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Post Views: 252 The Central Bank of Nigeria (CBN) on Friday, said authorized dealers could only pick $85.69m million of the $100m offered at Thursday’...

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The Central Bank of Nigeria (CBN) on Friday, said authorized dealers could only pick $85.69m million of the $100m offered at Thursday’s wholesale foreign exchange auction in the inter-bank market.
Isaac Okoroafor, the CBN’s Acting Director of Corporate Communications, said the inability of authorized dealers to absorb the entire amount offered was a pointer to the fact that there was enough foreign exchange to meet legitimate forex demands within the system.
He stressed that the CBN had the capacity to sustain current liquidity levels in the forex market, just as it is working assiduously to achieve convergence in the forex rates between the Interbank and the Bureau de Change (BDC) segment.
Meanwhile, spot checks around Abuja and Lagos indicate that the Naira sustained its momentum against major currencies, especially the United States Dollar, exchanging at an average of N380 to $1.

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