forex

Advertise With Us

By Andah John

The Central Bank of Nigeria (CBN) says it has sold 221.37 million dollars to 16 banks via the interbank foreign exchange market.

The CBN disclosed this in its Forex Forward Sales Report on the second wholesale intervention.

The bank said 10 banks accessed 162.8 million dollars at a qualified bid for the United States dollars, ranging from N330 to N360 per dollar on a 30 days tenour, adding that it would mature on March 27.

“For the 60 days tenour, six banks qualified to access 58.52 million dollars with bids for the United States dollars ranging from N315 to N320.5 per dollar meant to mature on March 25, 2017.

“CBN recently unveiled a new policy action to make forex readily available for personal and business travels, medicals and school fees,’’ it said.

Additional fund injected

The apex bank further said it injected 370.9 million dollars into the interbank market, through forward sales to 23 banks at a qualified bid ranging from N315 to N360 per dollar.

The CBN also noted that it made spot sales of 6 million dollars to four banks and sold 35 million for the payment of school fees, medicals and BTA.

About 24 hours after the announcement of the new policy, the naira firmed up at the black market from about N520 to a dollar down to the current exchange rate of N440 to a dollar as at Sunday.