Home World News Nigeria News Forex: CBN announces bids for retail auction
Nigeria NewsWorld News

Forex: CBN announces bids for retail auction

Share
forex cbn announces bids for retail auction
Share

By Babajide Komolafe
The Central Bank of Nigeria (CBN) yesterday announced bids for retail auction by authorized 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, Mr. 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, authorized 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 was 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 United States Dollar, yesterday.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Related Articles
Angelique Kidjo becomes first African to receive star on Hollywood Walk of Fame
Nigeria News

A Historic Moment on the Hollywood Walk of Fame: Angelique Kidjo Shines Bright

Grammy-winning Beninese singer Angelique Kidjo is poised to make history history as...

I'm getting old, need to start having children - Burna Boy
Nigeria News

Burna Boy Mulls Over Starting a Family: “I Think I’m Getting Old”

Grammy-winning Nigerian singer, Damini Ogulu, popularly known as Burna Boy, said he’s...

Actor Peter Ijagbemi ties knot with lover, Folajogun Akinlami
Nigeria News

A New Chapter Begins: Peter Ijagbemi and Folajogun Akinlami’s Quiet Union

Nollywood star, Peter Ijagbemi, has tied the knot with Folajogun Akinlami, his...

Life abroad not rosy – Tacha opens up on Nigerians struggling in UK
Nigeria News

The Untold Reality of Life Abroad: What Tacha Shared About Nigerians in the UK

Reality TV star and influencer, Tacha Akide, has sparked conversation online after...