August 18, 2018

CBN sells $313m in forward auction

CBN sells $313m in forward auction

The Central Bank of Nigeria has sold about $313m in a two-month forward auction to clear backlog of dollar demand, Citibank has said. The United States-based lender stated this in a note on Thursday, Reuters reported.

The CBN had last week held a two-month dollar forward auction to clear a backlog of demand from airlines, manufacturers and other companies, as the dollar scarcity crisis deepened. The regulator later directed lenders to submit bids again on Monday, traders said.

Traders said the bank had sold less foreign exchange than it was expected at a special auction, and that bids had been accepted at around a range of 310-350 per dollar. Meanwhile, the CBN sold N81.47bn ($267.55m) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday. The central bank had proposed to sell N138.16bn worth of the debt in its initial announcement, Reuters reported Read more

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