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CBN Halts Daily Sales of Dollars

 Tope Oshin

The Central Bank of Nigeria (CBN) central bank will no longer hold dollar auctions on a daily basis, its director of financial markets told Reuters on Friday.

The move came four days after the bank halted dollar sales to retail currency outlets in a bid to conserve its dwindling foreign reserves.
Prior to the latest change, commercial bank were required to pre-fund bids which were submitted to the central bank on a daily basis for the allocation of dollars.

“We don’t sell (dollars) on a daily basis any more. When we do the auction everybody bids,” said the central bank’s financial markets director, Emmanuel Ukeje.

The CBN last Monday relaxed some of its foreign currency controls by lifting its ban on foreign currency cash deposits in commercial banks. Emefiele, who disclosed this, had equally announced that the central bank would discontinue its sale of foreign exchange to BDC operators. 

 

 

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