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CBN To Sell Dollar Forwards To Clear Backlog Of Demand

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Nigeria is expected to sell two-month dollar
forwards at an auction on Friday to clear a backlog of demand
from airlines, manufacturers and other companies, traders said.

Dollar shortages have caused many firms to shut down
operations and lay off workers, compounding an economic crisis
exacerbated by fall in global oil prices, Nigeria mainstay.

“The central bank has asked (banks) to submit bids for a
special forex auction before 2 p.m. for funded forwards with
2-month tenor,” one traders told Reuters.

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Nigeria’s foreign exchange reserves were down $24.21 billion
by Oct. 10, their lowest in more than eleven years, limiting the
number of dollars available on the official Interbank spot
market and causing the Naira to sharply depreciate.

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