By Melvin Onwubuke
The Central Bank of Nigeria in its efforts to stabilize the exchange rate has sold over $300 million to Deposit Money Banks.
This was disclosed by the Association of Corporate Treasurers of Nigeria, in an advisory memo, made available to its members, according to The Punch.
The memo read in part “We are sure you must have been following up on activities in the foreign exchange market, with rates at the official market going as high as N1850/$.
“if you are not aware, kindly note that the CBN last week sold over $200m to the banks below N1,500/dollar. Similarly, this week, the CBN has on two consecutive days sold FX to banks at rates we understand to be in the $1,450 range. We hope this information helps guide your decisions regarding the rates and spreads you get from your banks.”
An executive member of ACTN, who pleaded anonymity, confirmed that, the memo was sent to ACTN members to aid in decision-making, amidst the sharp decline of the naira.
“Everything in the memo is correct. The information is from the CBN. We just wanted to keep our members informed on what is happening,” he noted.
Meanwhile, the naira appreciated 0.12 per cent against the dollar N1582/$ at the official market compared to N1594 on Friday according to FMDQ data; while it depreciated slightly against the dollar at $1555/$ at the parallel market.
