CBN Auctions $210Mn Foreign Exchange

The Central Bank of Nigeria (CBN), yesterday, auctioned $210 Million at the Inter-Bank Foreign Exchange (Forex) market to ensure that global currencies were available for customers. Consequently, the Naira maintained its stability, exchanging at an average of N361/$ in the BDC segment.

According to the figures obtained from the CBN, the bank offered $100 Million to authorised dealers in the wholesale segment, while Small and Medium Enterprises (SMEs) got $55 Million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), were also allocated $55 Million.

Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the Bank will continue to intervene in the market.

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