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Home Economy

CBN to sell FX weekly to retail users at 375 naira

metro by metro
February 20, 2017
in Economy
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CBN plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of 375 naira to clear a backlog of demand and try to narrow the premium between the official and black market rates, traders said on Monday.

Traders said commercial lenders have compiled a list of bids from customers awaiting dollars.

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The central bank has been selling dollars at 305 naira to clear a backlog of demand from manufacturing, agriculture and airline companies, hoping also to help drag Nigeria out of its worst recession in 25 years, triggered by low oil prices.

 

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