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CBN MADE US$514.4 MILLION IN TWO WORKING DAYS
CBN sold up to US$514.4 million in two trading days
The Central Bank of Nigeria (CBN) in the foreign exchange (forex) market sold up to US$210m last weekend, and US$304.4m yesterday making a total of US$514.4m in two days.
Therefore, the local currency has been stable for the past four days, fluctuating around N305 and N305.70 per dollar officially and N360 to N306.37 in the black market.
According to FMDQ OTC security exchange data, yesterdays transaction showed an average of US$655.72m at the I&E segment, increasing the amount of local and international investors.
Specifically, CBN offered $100 million as wholesale interventions and also allocated $55 million to the Small and Medium Enterprises (SMEs) forex window, while requests for Business/Personal Travel Allowances, tuition and medical fees, among others, got $55 million.
The Acting Director Corporate Communications Department, Isaac Okorafor confirms that naira will continue to grow and reduce the bill for importation. Adding that with the current forex management strategy the growth of Nigeria’s foriegn reserves is assured, which will stand at over US$40b. He advised that order dealers should play by the rule to maintain the stability of the market as CBN would not delay to penalize anyone.