By Modupe Gbadeyanka
About $100 million would be sold by the Central Bank of Nigeria (CBN) in a bid to boost foreign exchange liquidity at the market.
In a circular on Tuesday to banks operating in the country, the apex bank said the $100 million would be sold at a special wholesale spot and forwards auction to be settled within the next 60 days.
As at Tuesday afternoon, Business Post reports that the Naira was traded above N380 to the Dollar at the parallel market against about N305.80k it traded at the official interbank market.
Since February 2017, the central bank has continued to release forex to the market to ease the huge pressure on the local currency, which was almost traded at N600 per Dollar in February 2017.
Last week, the central bank Governor, Mr Godwin Emefiele, said the banking industry watchdog has released about $4 billion into the forex market as intervention to settle demands of SMEs, invisibles and others.
The economy has struggled almost since inception of President Muhammadu Buhari administration in May 2015.
Yesterday, the present government clocked two in office and Nigerians are yet to feel the real impact of positive change they yearned for.
Some days ago, the National Bureau of Statistics (NBS) said the country’s GDP contracted by 0.52 percent in the first quarter of the year.
