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CBN Sells 150 Million Greenback In Forwards

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CBN Tower, Abuja

Nigeria’s central bank says it had sold $150 million in currency forwards on
the inter bank market through commercial lenders.

The central bank, which has been intervening on the official
currency market over the past two weeks, had earlier told
lenders that Tuesday’s sale would be settled within 60 days.

In an emailed statement, it said a further $45 million had
been released for such items as medical fees, tuition fees and
business travel.

“All the pent-up demand for invisible has been met,” said
central bank spokesman Isaac Okorafor. He added that the central
bank was committed to ensuring stability in the country’s
foreign exchange market.

Nigeria’s government unveiled a sweeping economic recovery
plan last week that included the relaxation of foreign exchange
restrictions with a view to achieving a market-determined
regime. The central bank later told reporters it would not allow
the Naira to float freely.

The Naira fell to 306 per dollar on Monday from the
305.50 level it has traded since last year after a central bank
intervention on the spot market. The currency was
quoted at 455 per dollar on the black market on Tuesday.

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