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CBN Announces Bids For Forex Retail Auction By Authorised Dealers

This followed its intervention in other segments of the market on Monday, July 3, 2017, to the tune of $195 million.

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The Central Bank of Nigeria (CBN) on Wednesday announced bids for retail auction by authorised dealers in the inter-bank foreign exchange market.

This followed its intervention in other segments of the market on Monday, July 3, 2017, to the tune of $195 million.

Making the disclosure in Abuja, the acting director, Corporate Communications at the Bank, Isaac Okorafor, said that banks are expected to submit requests made by their customers to the CBN, adding that results of the bids for retail auction will be released in the coming days.

The CBN, in its last mediation in the market, injected the sum of $195 million into various segments of the inter-bank foreign exchange market.

The move is in continuation of its drive to ensure liquidity and stability in the foreign exchange market. At the bank’s intervention on Monday, authorised dealers in the wholesale window were offered the sum of $100 million.

The bank also allocated the sum of $50 million to the Small and Medium Enterprises (SMEs) window, while it allocated the sum of $45 million for invisibles such as Basic Travel Allowance, tuition and medical bills.

Okorafor had disclosed on Monday that the objective of the bank’s intervention is to strengthen the international value of the naira, while also ensuring accessibility to forex by customers requiring it for genuine purposes.

Meanwhile, the naira continued to maintain its stability in the Bureau de Change (BDCs) segment across major cities of Nigeria, closing at an average of N360 to the US dollar, on Wednesday.


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