Foreign Exchange’s Hold On To CBN promises

This is to announce to all traders and foreige exchange marketers that a promise has been made by the Central Bank Nigeria (CBN) to continue making foreign exchange supply available in the market even After pumping a total of $768 million into the forex market in one week.

News reaching us on Friday had it that the Central Bank Nigeria (CBN),auctioned $418 million at the retail-SMIS at a marginal rate of N310/$ for the airline, agriculture,petroleum and raw materials/machineries sub sectors.

On Friday, the CBN auctioned $418 million at the retail-SMIS at a marginal rate of N310/$ for the airline, agriculture,petroleum and raw materials/machineries sub sectors.
This was in addition to the sum of $350 million sold as wholesale auction, BTA/PTA, and school fees during the week.