CBN auctions $418 million to airlines, petroleum sub sectors boost forex liquidity

The Central Bank of Nigeria, CBN, has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.

The CBN acting Director, Corporate Communications, Isaac Okorafor. said in Abuja that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.

He said that in the weeks ahead, the Central Bank would further sustain its intervention through the sale of foreign exchange to all segments of the market, like the interbank and the Bureau de Change segment.

“The Bank will sell short tenured forwards of 7 to 30-day maturity to meet demand of manufacturers and all other foreign exchange users.

“These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate forex demand in the market,” he said.

The CBN in recent months had injected dollars to the inter-bank and Bureau de Change foreign exchange market in its bid to sustain forex supply to different categories of users.