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CBN boosts forex supply with $389 million
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CBN boosts forex supply with $389 million

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The retail segment of the interbank forex market received a huge boost on Friday, May 5, 2017, as the Central Bank of Nigeria (CBN) intervened with a total sum of $388.66 million sold to authorized dealers in that sector of the market.

Friday’s figures were the results of the bids submitted by dealers since Tuesday, May 2, 2017.

Confirming the numbers, the Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, disclosed that the sum of $87.885 was for spot sales, while $300.8 million was sold as forwards.

Okorafor further explained that the forwards were sold into three tenors of 30, 45 and 60 days respectively. According to him, the Bank sold $100.95 as 30-day forwards; $110.48 million as 45-day forwards and $99.37 as 60-day forwards.

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