CBN sells $6m to banks @N304.75
The Central Bank of Nigeria sold about $6 million to commercial banks on Tuesday, according to information from Reuters.
This comes a day after announcing a new forex policy. The Central Bank typically sells about $1.5million a day.
Banks are now expected to sell the forex at not more than a 20% premium. The bank is also set to pay about $500 million in forex forwards.
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Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market. Ugo is the founder of Nairametrics and blogs regularly on the website.