As a result the parallel
market exchange rate dropped from N391 per dollar to N389 per dollar.
Confirming this to Vanguard, President, Association of Bureaux De Change
Operators of Nigeria (ABCON), Alhaji Gwadabe said that BDCs have already paid
to purchase another $20,000 from the CBN which would be delivered today,
expressing optimism that the supply will further enhance the appreciation of
the naira against the dollar.
Meanwhile, the CBN said that
banks and other authorized dealers have again failed to fully subscribe to the
$150 million it offered yesterday. It stated 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.
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