By Modupe Gbadeyanka
The $150 million offered by the Central Bank of Nigeria (CBN) at a forex auction on Monday, April 3, 2017, was fully subscribed, Business Post correspondent reports.
Only authorised foreign exchange dealers in the country partook in the exercise, which has had the last three from $100 million to $500 million very successful.
The central bank is making forex available to the market so as to stop the huge pressure on Naira, which had been suffering due to scarcity of Dollar.
Also, the apex bank, on Tuesday, April 04, 2017, sold $10,000 to licenced Bureaux de Change (BDC) operators in Nigeria.
It had promised to carry out this exercise twice a week; Tuesdays and Thursdays.
The CBN also makes forex available to banks to meet demands of their customers needing forex to pay school fees, BTA and medical fees abroad.
Adedapo Adesanya