CBN sells $313m in forwards – Citibank note

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LAGOS OCTOBER 20, 2016 – The central bank of Nigeria has sold around $313 million in a two-month forward auction to clear backlog dollar demand, Citibank wrote in a note to clients on Thursday.

Last week, the central bank held a two-month dollar forward auction to clear a backlog of demand from airlines, manufacturers and other companies, as a currency crisis deepened. It later directed lenders to submit bids again on Monday, traders said.

Traders said the bank had sold less hard currency than would be expected at a special auction, and that bids had been accepted at around a range of 310-350 per dollar.

Reuters

 

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