Business
CBN Sells $120m Foreign Exchange
The Central Bank of Nigeria (CBN) said it sold 120 million dollars of foreign exchange at the rate of N155.69 to the dollar on Monday.
The apex bank disclosed this on its Website on Monday after the bi-weekly transaction of the Wholesales Dutch Auction System (WDAS).
This represents an increase of 9.50 million dollars over the 110.50 million dollars sold at N155.65 to the dollar on April 25.
The sales also showed that the naira depreciated by 40k as it was sold as it was at N155.69 to the dollar on Monday.
The naira was traded at N155.65 to the dollars on April 25.
The CBN said that the number of banks that participated at the 32th WDAS were 19 against 11 banks that participated at the auction on April 25.
One of the traders said that they expected large flow of dollar during the week from oil companies.