CBN announces bids for retail auction

Posted by News Express | 6 July 2017 | 1,622 times

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•CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) on Wednesday announced bids for retail auction by authorised dealers in the inter-bank foreign exchange market, following its intervention in other segments of the market on Monday, July 3, to the tune of $195 million.

Making the disclosure in Abuja,  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 the results of the bids for retail auction would be released in the coming days.

CBN, in its last mediation in the market, injected $195 million into various segments of the inter-bank foreign exchange market, noting that the move was in continuation of its drive to ensure liquidity and stability in the foreign exchange market.

At the apex bank’s intervention on Monday, authorised dealers in the wholesale window were offered $100 million. The Bank also allocated $50 million to the Small and Medium Enterprises (SMEs) window, while it allocated $45 million for invisibles such as Basic Travel Allowance, tuition and medical bills.

Okorafor had disclosed on Monday that the objective of CBN’s intervention was to strengthen the international value of the Naira, while also ensuring accessibility to foreign exchange 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 on Wednesday.

Source: News Express

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