Forex: Dealers subscribe fully to CBN $150m wholesale offer… …CBN sells $10,000 to BDCs
The Central Bank of Nigeria has announced interventions in the retail auction window for forex sales to the airlines, manufacturing, agricultural and petroleum sectors.
The Spokesperson of CBN, Isaac Okorafor said that that banks have started submitting requests made by their customers to the CBN.
Meanwhile, authorised foreign exchange dealers have fully subscribed to the $150 million offered by the Central Bank of Nigeria (CBN) at the forex auction in the interbank wholesale window on Tuesday, April 4, 2017. The bank also fulfilled its commitment to sell $10,000 to Bureaux de Change (BDCs) in line with its new sale policy.
It will be recalled that the CBN since February 21, 2017, has made over ten offers in the interbank wholesale market ranging from $100million to $500million per auction. Dealers have fully subscribed to the last three auctions that ranged from $100million to $150 million.
The CBN has recently put in place mechanism for monitoring and sanctioning banks and bureau de change that engage unwholesome practices and the hoarding of foreign currencies. Some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.
The Central bank insisted that all banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand. On a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items. Members of the public seeking to buy forex for have ben advised to go to their banks and obtain their forex. T
The spokesperson of CBN, Isaac Okorafor urged legitimate customers to insist on the current prescribed rate of the foreign exchange. Isaac said: “Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank.”
