CBN offers $100m at special foreign exchange auction

In continuation of its efforts at stabilizing the foreign exchange market, the Central Bank of Nigeria (CBN) has scheduled to offer $100 million at a special foreign exchange auction Wednesday, June 28, 2017. In a notice to commercial banks, the CBN said Wednesday’s dollar auction would be for spot and forward deals, which would be […]

ABCON canvasses downward review of forex buying rate for BDCs segment

The umbrella body of the bureau de change operators in the country, Association of Bureaux De Change Operators of Nigeria (ABCON), has asked that the Central Bank of Nigeria (CBN) to further bring down the allowable buying rate for BDC to N350/$ as against N360/$ in view of the falling rates in the market. In […]

Naira firms at parallel market, trades N362/$ on the street

The naira on Monday marginally appreciated against international currencies at the parallel market trading at N362 to the dollar on the streets, thereby gaining three points from the N365 it traded Friday. Against the pound sterling and euro it closed N460 and N403, respectively. However at the bureau De change (BDC) window, the naira sold […]

CBN offers $100 million at special foreign currency auction

Nigeria’s central bank has indicated that it would offer about $100 million at a special foreign currency auction this week, as part of its efforts to improve dollar liquidity and reduce pressure on the local currency, the naira. The regulator specifically said the dollar auction would be both for spot and forward deals, which would […]