Wednesday , 7 December 2022

CBN auctions $418m to agriculture, airlines, petroleum sectors

THE Central Bank of Nigeria (CBN) has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.

This is just as the apex bank has said that it would sustain forex supply.

The CBN acting Director, Corporate Communications, Isaac Okorafor who made this known in Abuja said that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.

He said that in the weeks ahead, the Central Bank would further sustain its intervention through the sale of foreign exchange to all segments of the market, like the interbank and the Bureau de Change segment.

“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.

Mr. Okorafor reiterated the bank’s commitment to achieving exchange rate stability in the Nigeria market.

The CBN in recent months had injected dollars to the inter-bank and Bureau de Change foreign exchange market in its bid to sustain forex supply to different categories of users.

This translated to the appreciation of the Naira from an all-time low of about N560 to a dollar, to N355 within two months.

However, in the last two weeks, 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.

To remedy this, the CBN had threatened to penalize any bank refusing to sell forex to customers.

Also, forex supply to the BDC was increased from $8,000 per week to $10,000.

The Naira now sells at N405 to a dollar in the parallel market

About NigerianFlightDeck

Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

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