The outlook for the naira may remain positive this week as Nigeria's central bank said it will sell yet another $100 million at a special foreign currency auction on Monday, July 3, 2017.
This week sales would be the latest in a series of interventions by the CBN that it said had yielded positive results in the forex market. Last week the apex bank intervened in the foreign exchange market with $195 million, including a $100 million special currency auction.
The naira was quoted flat at N368 on the black market on Monday and quoted N306.40 per dollar by commercial lenders at the interbank window. As at close of business last week, the naira was at N366.41 on the investors' and exporters’ window
In a notice to commercial lenders, the regulator said the dollar auction would be both for spot and forward transactions, which would be settled within the next 60 days.
The central bank has been intervening on the official market in the last few months in an attempt to narrow the spread between rates on the official market and black market. The efforts have since gained some successes as rate at both windows are near convergence.
In a notice to commercial lenders, the regulator said the dollar auction would be both for spot and forward transactions, which would be settled within the next 60 days.
The central bank has been intervening on the official market in the last few months in an attempt to narrow the spread between rates on the official market and black market. The efforts have since gained some successes as rate at both windows are near convergence.