CBN Stops Daily Sale and Auctioning Of Dollar
The Central Bank of Nigeria has put an end to daily dollar auctioning its director of financial markets on Friday announced.
“We don’t sell (dollars) on a daily basis any more. When we do the auction everybody bids,” Emmanuel Ukeje said according to Reuters.
This is coming four days after CBN halted dollar sales to BDCs 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.