16 March 2017

Nigeria: CBN Clears $150 Million Forex Forwards

Lagos — The Central Bank of Nigeria (CBN) on Wednesday, sold a total of $150 million to authorized FOREX dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1.

Confirming the details of the sale to the dealers, the Bank's Acting Director in charge of Corporate Communications, Isaac Okorafor said the highest rate of N335 was the same as the last auction rate of March 8, 2017.

He, however, added that there was a change in the marginal rate from N315/$1 during the last auction to Wednesday's marginal rate of N320.

Okorafor expressed confidence that the pressure hitherto faced by both small and big-end users will be totally overcome soon.

It will be recalled that the CBN, in the past few weeks, has been making offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.

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