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Monday, May 8, 2017

CBN plans another $100 million to improve liquidity

anonymous informant     8:42 PM     No comments

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The Central Bank of Nigeria has yet again begun plans to offer $100 million in forwards at an auction on Monday to develop liquidity on the currency markets.

Although the apex bank did not disclose the traders or settlement period, but traders claim that the dollar auction would be both for spot and forward settlement but it has to be backed by customer demand.
The CBN in recent times has aggressively pumped in dollars into the Forex market since February in an attempt to narrow the gap between the official and parallel market rates of the US Dollar.
The naira went weaker against the dollar on Monday at N381.11 per dollar; with the official market rate pegged at N306.20 and black market rate at N391


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Is a Proffesional Nigerian Blogger, A Webdeveloper, Who Loves To Blog And Also Writting Codes

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