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Banks short of naira to bid for FX offer – Daily Trust

HomeNewsBanks short of naira to bid for FX offer – Daily Trust
05
May
Banks short of naira to bid for FX offer – Daily Trust
  • Author
    Alex Ikechukwu
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Banks and other authorized dealers failed to fully subscribe to $150 million offered by the Central Bank of Nigeria (CBN) yesterday.

News from the apex bank indicated that the dealers could only pick $43.5 million, which represented 29 per cent of the $150 million offered for subscription in the wholesale segment of the foreign exchange market.

Confirming this development, CBN spokesman, Isaac Okorafor, reaffirmed the bank’s position to sustain the intervention with a view to making foreign exchange available for all genuine transactions eligible for foreign exchange through the CBN window.

Mr Okorafor also allayed the fear over the dwindling subscription by authorized dealers noting that the development merely goes to confirm the extent of liquidity in the foreign exchange market and the determination of the CBN to sustain the intervention aimed at ensuring stability in the market.

Meanwhile, the operators in the Bureau De Change segment of the market were also on hand yesterday to pick the $20,000 offered to service the low end foreign exchange users.


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