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

Naira sets for rebound as CBN lifted forex market with $250m
CBN building

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.

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