The Central Bank of Nigeria, CBN, has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.
The CBN acting Director, Corporate Communications, Isaac Okorafor. said in Abuja that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.
The International Monetary Fund (IMF) has said that the Nigerian Naira is overvalued by about 10% to 20%.
Gene Leon, who is IMF’s mission chief for Nigeria, stated this during a news briefing in Washington on Wednesday. He also said the Nigerian government, has acknowledged the the need for reforms and must implement them.
“The Nigerian economy has been hit by lower oil prices and lower production and the need for adjustment is recognised by the government,” Leon …
AGOS—The Central bank of Nigeria (CBN) Wednesday, intervened in the bureau de change (BDC) segment by selling additional $31.3 million or $10,000 to 3,135 BDCs, even as the naira depreciated to N395 per dollar in the parallel market.
Meanwhile, the nation’s external reserve rose by $21 million to $30.32 billion on Tuesday from $30.297 billion at the end of last month.
Commenting on the additional dollar sales to BDCs, Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor, said the …
$240 million has been injected into the country’s foreign exchange by the has been injectedinto the nation’s foreign exchange market by the Central Bank of Nigeria (CBN), Monday, to sustain Naira’s gains against the Dollar and other hard currencies.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele said that, $90 million was to meet requests for invisibles such as BTA/PTA, medical and school fees. The balance of $150 million was given to authorized FOREX dealers in the interbank wholesale …
Nigeria’s Central Bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June.
A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS/Afolabi Sotunde
Outstanding dollar demand was about $4 billion before June, when the 16-month-old peg was removed. Efforts to cut dollar demand have been largely unsuccessful …