CBN Finally Frees the Naira, Funds Forward Contracts

CBN offers $100m in Wholesale forward as Naira closes N385/$

The Central Bank of Nigeria (CBN) Thursday continued its intervention in the foreign exchange market by offering $100 million to banks to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

 

 

Meanwhile the naira fell slightly today to N385 per dollar in the parallel exchange market from N382 per dollar.

 

According to  Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the intervention in the forex market adding that no intervention was made in the retail window in yesterday’s auction.

 

He, however, disclosed that the Bank continued its weekly sale of forex to the Bureau de Change (BDC) segment to meet the needs of low-end users.

 

Furthermore, he said the CBN had observed that quite a good number of dealers were adhering to the forex guidelines. Nevertheless, he said the CBN will continue to monitor the activities of authorized dealers to ensure that no outfit or individual circumvents the laid down forex rules.

 

While urging all concerned to put the Nigerian economy first, he reiterated that the CBN was determined to guarantee the international value of the naira.

 

 

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