CBN Sells $418m Fx To Airlines, agric, Oil Operators, Others At N310/$

• Promises Sustained intervention

The Central Bank of Nigeria (CBN) on Friday, April 7, 2017, conducted US$418m to retail end users in the airlines, agriculture, petroleum and raw materials/machineries sub-sectors at a marginal rate of N310/$.
The auction, which is in line with the apex bank’s continued determination to ensure ample supply of foreign exchange liquidity in the market, was in addition to the sum of US$350m sold as wholesale auction, BTA/PTA, and school fees during the week.
The apex bank assured of plans to sustain its intervention through the sale of foreign exchange to all segments of the market, including PTA/BTA, Wholesale SMIS, Retail SMIS and the Bureau De Change (BDC) operations.
This is in addition to the plan to sell short tenured forwards of 7 to 30-day maturity to meet demand of manufacturers and all other foreign exchange users.
These significant injections of foreign exchange into the market, the apex bank believes, should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market.
Meanwhile, at the parallel market over the weekend, the US$ sold at N390 each; while British Pound changed hands for N420; and Euro, N395; at the mid-week, exchange rate was N390/$ (buy) and N398/$ (sell); N470/£ (Buy); N485/£ (Sell); N400/€ (Buy), and N415/€ (Sell). When receiving money from Western Union, the rates are: N306/$; N381/£; N329/€.

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