Nigeria’s Central Bank sells $313m in forward auction

CBN, other stakeholders brainstorm on 7.6m new banking customers target in 2018
CBN building
United Bank for Africa

The Central Bank of Nigeria (CBN) has sold about USD$313 million, in a two-month forward auction to clear a backlog of Dollar demand.

This is the third of such auctions since the launch of the forwards market in June 2016.

Its comes about a week after the regulator held a two-month Dollar forward auction to clear a backlog of demand from airlines, manufacturers and other companies, due to huge shortage of the dollar.

Traders say the bank had sold less foreign exchange than it was expected at a special auction, and bids had been accepted at a range of 310-350 per Dollar.