Forex dealers buy up CBN $150m wholesale offer

Forex dealers buy up CBN $150m wholesale offer

…CBN to meet requests of Airlines, manufacturing, agric, petroleum sectors

Authorised foreign exchange dealers have fully subscribed to the $150 million offered by the Central Bank of Nigeria (CBN) at the forex auction in the interbank wholesale window on Tuesday, April 4, 2017.

The CBN also on Tuesday, April 4, 2017, fulfilled its commitment to sell $10,000 to Bureaux de Change (BDCs) in line with its new sale policy.

Isaac Okorafor, CBN acting director of Corporate Communications, confirmed the sale in Abuja on Tuesday, just as he announced interventions in the retail auction window for forex sales to the airlines, manufacturing, agricultural and petroleum sectors. He added that banks have started submitting requests made by their customers to the CBN.

It will be recalled that the CBN since February 21, 2017, has made over ten offers in the interbank wholesale market ranging from $100million to $500million per auction. Dealers have fully subscribed to the last three auctions that ranged from $100 million to $150 million.

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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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