Currency dealers buy only $85.69m out of $100m offered by CBN

The Central Bank of Nigeria (CBN) disclosed on Friday, April 28, 2017, that authorized dealers were only able to pick $85.69 million out of the $100 million offered by the Bank offered at Thursday’s foreign exchange wholesale auction in the inter-bank market.

Speaking on the development, the acting director of corporate communications at the CBN, Isaac Okorafor, said the inability of authorized dealers to pick up the whole amount offered by the CBN was a pointer to the fact that there was enough foreign exchange to meet legitimate forex demands within the system.

While stressing that the CBN had the capacity to sustain the current levels of liquidity in the forex market, he said the Bank was committed and was indeed working to achieve convergence in the forex rates between the Interbank and the Bureau de Change (BDC) segment.

Meanwhile, reports gathered in Abuja and Lagos in the course of the week indicate that the Naira sustained its momentum against major currencies, especially the United States dollar, exchanging at an average of N380 to $1.

 

HOPE MOSES-ASHIKE