LAGOS Oct 31 (Reuters) – Nigeria central bank has asked commercial lenders to submit bids to participate at a $500 million “special forward auction” to clear a backlog of dollar demand, traders said on Monday.
The bank told lenders that the deadline for submitting bids was 1300 GMT and that it will sell forwards with 60-day and 90-day maturities, they said. (Reporting by Chijioke Ohuocha and Oludare Mayowa; Editing by Louise Ireland)
LAGOS Oct 31 (Reuters) – Nigeria’s foreign currency reserves fell 20.5 percent year-on-year to $23.95 billion by Oct. 27, down 2.7 percent month-on-month, central bank data showed on Monday.
The central bank has been selling dollars to support the weakening naira, hit by low oil prices that have triggered the first recession for 25 years.
The central bank will sell $500 million currency forwards at an auction to clear demand backlog from manufacturers, traders said on Monday, as the regulator tries to find ways to resolve a chronic dollar shortage plaguing the West African nation. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Louise Ireland)
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STANBIC SAYS: From 18 October 2016, you will not be able to use your Naira debit and credit cards for international transactions. Please request for a US Dollar debit or prepaid card for transactions priced in foreign currencies. Call 01 422 2222 for details.
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