Menu

The Central Bank of Nigeria has said it sold $180 million on the interbank market window on Monday to meet legitimate foreign exchange demands in the country. The apex bank said its FX sale met bids for wholesale auction as well as requests for retail demands such as medicals, school fees and personal travel allowances. The retail demands were valued at $80 million.

The wholesale requests will be settled on Tuesday, March 21st, according to a statement signed by Isaac Okorafor, the Acting Director in the Corporate Communications Department of the CBN. With the latest FX sale, the apex bank said it expects the naira to further strengthen in the foreign exchange market in the comings days.

The naira closed at N307.50 at the official market, while the currency traded at N445 per dollar at the parallel market in Lagos on Monday.

Okorafor said the CBN has so far met all the legitimate demands from genuine customers. He further said the apex bank would ensure sustainable forex liquidity and transparency to enable customers with genuine needs to access FX.

The CBN spokesman advised eligible individuals to freely approach their banks and authorized dealers with requests given that the apex bank had made adequate provisions of FX for all legitimate purposes. He also advised customers to complain to the CBN if they are unfairly denied access to FX.