Banks and financial market dealers are waiting to see how the Central Bank of Nigeria’s newly introduced retail foreign exchange auction system, called Retail Dutch Auction System, will affect the economy. The CBN had on Wednesday replaced the wholesale foreign exchange auction method, called Wholesale Dutch Auction System, with the […]
Tag: Dealers
Naira Falls across Market Segments on Strong Dollar Demand
The value of the naira dipped against the United States dollar at the three segments of the forex market Monday due to strong demand for the greenback. In fact, an intervention by the Central Bank of Nigeria (CBN), which increased dollar supply at its regulated Wholesale Dutch Auction System (WDAS) […]
Nigerian naira trades flat against dollar on inflows
Nigeria’s naira traded flat against the U.S. dollar on the interbank on Wednesday as expectations of dollar inflows from energy companies and offshore investors buying local debt provided forex liquidity, dealers said. The naira closed at 157.10 to the dollar, the same level it closed on Tuesday. Dealers said the […]
