Forex: CBN Receives Bid For $100m

The Central Bank of Nigeria (CBN) says it has received bids for foreign exchange (forex) of about 100 million dollars from authorised dealers in the interbank market to meet the requests of genuine customers.

The acting Director, CBN Mr Isaac Okorafor, in a statement on Thursday in Abuja, said that the sales would be settled on Friday.

He said that no intervention was made by the apex bank to meet requests for invisibles on Thursday.

Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction-based foreign exchange demands by customers.

It will be recalled that the Bank in its last auction sale on Wednesday, offered 150 million dollars to the interbank market with the highest bid rate at N335 to a dollar, while the marginal rate was N320 to a dollar.

Meanwhile, the Naira continues to firm up against the dollar at the parallel market.

The Naira today traded at N448 to dollar as against N450 it traded on Wednesday and N452 on Tuesday.

The Naira has also appreciated against the Pound Sterling, trading at N530 as against N540. It also traded at N465 to the Euro as against Wednesday’s rate of N475.

At the Bureau De Change (BDC) window, the Naira continues to trade for N399 to a dollar, while a Pound Sterling and Euro changes for N580 and N525, respectively.

The Nigerian currency also traded at N306.2 at the interbank market.