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CBN auctions $418m to aviation, oil, agric sectors

The Central Bank of Nigeria (CBN) has continued their intervention in Nigerians foreign exchange market as the apex bank auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors in a bid to boost th value of the falling Naira.

The Acting Director, Corporate Communications of the Central Bank of Nigeria, Mr Isaac Okorafor said that the $480m offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period. Okorafor said

“The Bank will sell short tenured forwards of 7 to 30-day maturity to meet demand of manufacturers and all other foreign exchange users.

“These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate forex demand in the market,” he said.

The Acting Director reiterated the bank’s commitment to achieving exchange rate stability in the Nigeria market.

The Central Bank of Nigeria have in recent months injected dollars to the countries foreign exchanhe market, this worked until the last two weeks when the Naira began to weaken again against the dollar, which was attributed to alleged hoarding of the greenback by commercial banks, and insufficient supply to the BDC segments and other stakeholders.

The Naira now sells at N405 to a dollar in the parallel market/black market today.

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Updated: April 10, 2017 — 6:48 am

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