CBN auctions $210m foreign exchange

by The Guardian

The Central Bank of Nigeria (CBN), yesterday, auctioned $210 million at the inter-bank foreign exchange (forex) market to ensure that global currencies were available for customers.

Consequently, the naira maintained its stability, exchanging at an average of N361/$ in the BDC segment.

According to the figures obtained from the CBN, the bank offered $100 million to authorised dealers in the wholesale segment, while Small and Medium Enterprises (SMEs) got $55 million.

Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), were also allocated $55 million.

Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the bank will continue to intervene in the market.

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most people that invest in them lose their money