CBN Intermediates In Interbank Market With $370.9m

CBN headquarters in Abuja

By Victor Ernest with Agency Report.

The Central Bank of Nigeria (CBN)  has intermediated in the interbank foreign exchange market by providing $370.9 million to 23 banks to meet customers’ request.

Its acting Director of Corporate Communications, Isaac Okorafor, said the bank’s intermediation in the market was aimed at easing the pressure of access to foreign exchange by Nigerians.

He said that the CBN offered 500 million dollars for sale to the banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.

Okorafor said that the qualified bids for dollars ranged from N315 to N360.

He said seven banks received full allotments of their respective bids valued at 37.5 million each, while other banks received allotments ranging from 46, 512 dollars to 15.57 million dollars.

He further said that the CBN had also made spot sales of 1.5 million dollars to four banks totaling six million dollars.

According to Okorafor, the central bank also offered 41 million dollars for sale out of which 35 million dollars was taken up for the payment of school fees, medical bills and personal and business travel allowances.

Okorafor assured that the central bank would continue to make interventions based on qualified bids from the banks on the requests of their customers.

He urged all market participants to contribute their patriotic quota to assist in ensuring that the new measures by the CBN would guarantee the steadiness of the financial market.

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