CBN to sell dollars to airlines, fuel importers

Date:

LAGOS, June 7  – Nigeria’s manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange obligations now due, the central bank said on Wednesday.

Thank you for reading this post, don't forget to subscribe!

The central bank plans to settle the bids through a combination of spot and short-term forward deals, currency traders said, citing a notice from the bank. It did not specify the amount of dollars to be sold.

“Authorised dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to lenders.

The central bank has been selling dollars since February in an effort to improve liquidity and narrow the spread between the official and black market exchange rates for the naira. Close to $5 billion has been sold, according to analysts.

The naira was quoted at 377.83 to the dollar at the investor window, according to market regulator <FMDQ OTC> Securities Exchange. It sold for 305.60 to the dollar at the interbank window and 366 on the black market .

 

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

SSANU begins 7-day warning strike

March 19, 2024. Azonuchechi Chukwu. The Senior Staff Association of Nigerian...

Gunmen kill church general overseer and pastor in Akwa Ibom

March 19, 2024. Azonuchechi Chukwu. Gunmen have killed the founder of...

Police Arrest 16-year-old boy for defiling schoolmate in Port Harcourt

March 19, 2024. Azonuchechi Chukwu. The Rivers State Police Command has...

Akwa-Ibom lovers fake own kidnap, demand N4m ransom

March 19, 2024. Azonuchechi Chukwu. The Akwa Ibom State Police Command...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading