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ProfRem
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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.
The Acting Director, Corporate Communications Department, CBN Mr. Isaac Okorafor, stated on Sunday 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: “The CBN, on Friday 7th April 2017 auctioned the sum of $418 million at the retail-SMIS at a marginal rate of N310/$. The airlines, agriculture, petroleum and raw materials/ machineries sub sectors benefitted from the auction.
This was in addition to the sum of $350 million sold as wholesale auction, BTA/PTA, and school fees during the week. “In the weeks ahead, the CBN will sustain its intervention through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC.
The bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and all other foreign exchange users.” He noted that the regulator’s significant injections of foreign exchange into the market in the past few weeks should reassure all foreign exchange users of its determination to continue to meet all legitimate forex demand in the market even as it strives to achieve exchange rate stability in the market.
The Acting Director, Corporate Communications Department, CBN Mr. Isaac Okorafor, stated on Sunday 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: “The CBN, on Friday 7th April 2017 auctioned the sum of $418 million at the retail-SMIS at a marginal rate of N310/$. The airlines, agriculture, petroleum and raw materials/ machineries sub sectors benefitted from the auction.
This was in addition to the sum of $350 million sold as wholesale auction, BTA/PTA, and school fees during the week. “In the weeks ahead, the CBN will sustain its intervention through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC.
The bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and all other foreign exchange users.” He noted that the regulator’s significant injections of foreign exchange into the market in the past few weeks should reassure all foreign exchange users of its determination to continue to meet all legitimate forex demand in the market even as it strives to achieve exchange rate stability in the market.