CBN To Sell $100 Million At Currency Auction
It would really surprise many that the Central Bank of Nigeria, CBN is still trying to save the Naira.
Despite pumping in at least 4 billion dollars so far to defend the Naira, the fate of the embattled local currency has only improved slightly.
It traded at 386 Naira to the dollar on Monday from the 390 naira it traded at the close of business last week.
But CBN remains unfazed in its attempt to narrow the gap between the official and black market exchange rates.
On Monday, the apex bank announced that it plans to sell $100 million on Monday at a special wholesale spot, and forwards auction in its bid to make more dollars available in the market and possibly bring the green back to its knees in favour of the naira.
Traders, citing a notice from CBN, said the dollar auction would be both for spot and forward settlements and must be backed by customer demand.