CBN’s forex sales increase 64.96% in March

The wholesale market for foreign exchange experienced increased demand as the Central Bank of Nigeria (CBN) sold $1.902 billion in March 2013 compared to $1.153 billion of February 2013, representing 64.96 percent increase, Financial Markets Dealers Association (FMDA) has said.

The FMDA’s Financial and Economic Report for March 2013 revealed that the apex bank offered $1.940 billion in March 2013, compared to $1.160 billion in February 2013. This reflects an increase of 67.24 percent.

According to the report, the northward trend in the Wholesale Dutch Auction System (WDAS) window was influenced by strong demand for capital goods by importers on the release of first quarter statutory allocation for capital projects and sells-offs by offshore investors. Some of the investors had exited the bonds market early in the month amidst slowdown in complementary inflows from energy companies estimated at $630 million and foreign portfolio investment in the debt market.

 

HOPE MOSES-ASHIKE