Airlines, fuel importers, manufacturers and agriculture businesses can now buy dollars at a special market intervention, as announced by The Apex bank on Wednesday.
In a notice to lenders, CBN stated that the intervention will help to clear a backlog of foreign exchange obligations now due through a combination of spot and short-term forward deals across the various sectors.
However, it did not specify the amount of dollars to be sold.
According to CBN’s notice, “Authorized dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis.”
The central bank has been selling dollars since February in an effort to improve liquidity and narrow the spread between the official and black market exchange rates for the naira.
MLN, at the time of this report, gathered that a little bit above $5 billion has been sold.
The naira was quoted at 377.83 to the dollar at the investor window, according to market regulator. It sold for 305.60 to the dollar at the interbank window and 366 on the black market.
