Naira Sells At N380/$1 As CBN Offers $100m In Wholesale Forwards

Reports from Abuja and Lagos on Thursday indicate the Naira sold at the rate of N380/$1.

These reports emerged just as the Central Bank of Nigeria (CBN) on Thursday, April 27, 2017, buoyed by the impact of its interventions and stability in the foreign exchange market, offered the sum of $100 million to authorized dealers to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, again disclosed this, adding that no intervention was made in the retail window in yesterday’s auction.
He, however, disclosed that the Bank continued its weekly sale of forex to the Bureau de Change (BDC) segment to meet the needs of low-end users.

Furthermore, he said the CBN had observed that quite a good number of dealers were adhering to the forex guidelines. Nevertheless, he said the CBN will continue to monitor the activities of authorized dealers to ensure that no outfit or individual circumvents the laid down forex rules.

While urging all concerned to put the Nigerian economy first, he reiterated that the CBN was determined to guarantee the international value of the naira.