Monday, February 27, 2017

Dollar falls in Nigeria as Central Bank intervenes

The Central Bank of Nigeria last week intervened into the Forex Market in Nigeria through the Interbank foreign exchange market.

Ten banks got $162.8m on a rate of N330 to N360 per dollar on a 30 days tenor.6 banks got $58.52m dollars on a ratio of N315 to N320.50 per dollar for a tenor of 60 days.
The CBN interverntion will enable forex readily available for personal and business travels,medicals,and school fees.
Furthermore CBN injected $370.9m through forward sales at a qualified bid ranging from N315 to N360 per dollar.It made spot sales of $6m to 4 banks and sold $35m for payment of school fees, medicals and BTA.These measures brought down the price of dollars from a high of N520 to N460 as of Friday

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