CBN Doesn't Sale Dollars On Daily Basis Any More

The Central Bank of Nigeria (CBN) made an announcement that it has put an end to daily dollar auctioning, Reuters reports.
The CBN director of financial markets, Emmanuel Ukeje, made this known on Friday, January 15.

“We don’t sell (dollars) on a daily basis any more. When we do the auction everybody bids,” Emmanuel Ukeje said.

According to Reuters, the news appeared four days after CBN halted dollar sales to Bureau De Change (BDCs) operators and retail currency outlets in a bid to conserve its dwindling foreign reserves.

Prior to the latest change, commercial bank were required to pre-fund bids which were submitted to the central bank on a daily basis for the allocation of dollars.

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