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Naira crashes again
By Isaac Anumihe/Daily Sun Wednesday June 24, 2009
The Central Bank of Nigeria (CBN), this week, sold $154 million at N146.76 to one U.S. dollar at
its forex auction as against last week’s rate of N146.70 per dollar.
But forex traders complained that the amount was short of the $253 million demanded by end-
users.
Earlier, the regulator sold $134 million at N146.70 per dollar at its previous auction last week.
According to agency reports, some oil companies also sold a certain amount of dollars to some
banks earlier this week, adding that demands for the dollar is gradually building at the interbank
market, where the naira was trading at N149.30 to the dollar, up from N149.10 at the close of
market this week.
However, the black market sold at N165 to the dollar from N168 in previous transactions.
It could be recalled that CBN replaced its daily auctions with bi-weekly trading on May 25 after
removing forex market controls imposed in mid-March to conserve Nigeria’s falling foreign
reserves and stem a sharp decline in the local currency.
The relaxation of the forex restrictions made it easy for retail banks to buy dollars from oil firms
and government agencies and then sell them on the interbank market.
By Isaac Anumihe/Daily Sun Wednesday June 24, 2009
The Central Bank of Nigeria (CBN), this week, sold $154 million at N146.76 to one U.S. dollar at
its forex auction as against last week’s rate of N146.70 per dollar.
But forex traders complained that the amount was short of the $253 million demanded by end-
users.
Earlier, the regulator sold $134 million at N146.70 per dollar at its previous auction last week.
According to agency reports, some oil companies also sold a certain amount of dollars to some
banks earlier this week, adding that demands for the dollar is gradually building at the interbank
market, where the naira was trading at N149.30 to the dollar, up from N149.10 at the close of
market this week.
However, the black market sold at N165 to the dollar from N168 in previous transactions.
It could be recalled that CBN replaced its daily auctions with bi-weekly trading on May 25 after
removing forex market controls imposed in mid-March to conserve Nigeria’s falling foreign
reserves and stem a sharp decline in the local currency.
The relaxation of the forex restrictions made it easy for retail banks to buy dollars from oil firms
and government agencies and then sell them on the interbank market.
Nigerian Currency,Naira