CBN Sustains Liquidity in Forex Market as Banks Fail to Subscribe Fully to $150M Offer

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Money Deposit Banks in the country and other authorized dealers have again failed to subscribe fully to the sum of $150 million offered by the Central Bank of Nigeria (CBN) on Thursday.
Information filtering from the apex Bank indicates that the dealers could only pick the sum of $43.5 million, which represents 29 per cent of the $150 million offered for subscription in the wholesale segment of the foreign exchange market.
Confirming this development, the apex Bank’s spokesman, Isaac Okorafor, reaffirmed the Bank’s position to sustain the intervention with a view to making foreign exchange available for all genuine transactions eligible for foreign exchange through the CBN window.
Mr. Okorafor also allayed the fear over the dwindling subscription by authorized dealers noting that the development merely goes to confirm the extent of liquidity in the foreign exchange market and the determination of the CBN to sustain the intervention aimed at ensuring stability in the market.
Meanwhile, the operators in the Bureau D’ Change segment of the market were also on hand on Thursday to pick the $20,000 offered to service the low end foreign exchange users.
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