Home Finance CBN sells forex worth $300m

CBN sells forex worth $300m

by Business News Report

The Central Bank of Nigeria (CBN) on Monday said that it sold $300 million worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System (WDAS). The CBN sold the same amount at the previous WDAS on July 24. Some dealers attributed the stable volume of sales in WDAS to the drop in the oil price at the international market. The total volume of foreign exchange sold as at July 29 stood at 2.8 billion dollars. The number of banks that participated at the July auction was 18 against 19 banks since the beginning of the month. CBN opened its WDAS on July 1 with an exchange rate of N155.75 to a dollar and traded N155.76 per dollar on July 29.

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