CBN Floats $100m In Wholesale Forwards

BY CHINYERE OBIORA, LAGOS –

The Central Bank of Nigeria (CBN) on Thursday moved to strengthen the gains of its foreign exchange market interventions and stability by offering 100 million US dollars to authorized dealers.

According to the apex bank, this fresh arrangement is meant to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

Acting Director, CBN’s Corporate Communications Department, Isaac Okorafor said, “The CBN constant interventions in forex market has helped to stabilise the foreign exchange market.”

Okorafor, who explained that no intervention was made in the retail window in yesterday’s auction, however said the CBN will continue its weekly sale of forex to the Bureau de Change (BDC) segment to meet the needs of low-end users.

The spokesman further said the apex bank is encouraged that a good number of dealers were now adhering to the forex guidelines, adding that “the CBN will continue to monitor the activities of authorized dealers to ensure that no outfit or individual circumvents the laid down forex rules.”

Okorafor, who pledged the apex bank’s resolve to ensure the Naira rebound to maintain its international value, urged all stakeholders in the banking sector to always put the Nigerian economy first in their considerations.

Meanwhile, market reports in Abuja and Lagos on Thursday indicated that the Naira sold at the rate of N380 to one US dollar.