L
LequteMan
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The Central Bank of Nigeria, CBN, on Tuesday announced that it had offered $100 million in currency forwards at a wholesale auction in order to boost liquidity on the interbank market and strengthen the naira.
The dollar sale, for which settlement will be between one week and 45 days, is aimed at meeting demand from businesses, CBN said.
The central bank also said it offered $80 million for travel, medical services and tuition and $100 million to small and medium enterprises.
It also cut the amount of paperwork small and medium-size businesses must provide to buy dollars, saying the aim was to improve liquidity and the ease of doing business and help narrow the gap between official and black market exchange rates.
The naira was quoted at 306 to the dollar on the official market and 405 on the black market on Tuesday.
The dollar sale, for which settlement will be between one week and 45 days, is aimed at meeting demand from businesses, CBN said.
The central bank also said it offered $80 million for travel, medical services and tuition and $100 million to small and medium enterprises.
It also cut the amount of paperwork small and medium-size businesses must provide to buy dollars, saying the aim was to improve liquidity and the ease of doing business and help narrow the gap between official and black market exchange rates.
The naira was quoted at 306 to the dollar on the official market and 405 on the black market on Tuesday.
