CBN’s WDAS Drops By 21.5%

The Central Bank of Nigeria (CBN) said it sold 2.12 billion dollars about N336.7 billion worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System (WDAS) in July.

According to reports the CBN sold 2.75 billion dollars about N428.67 billion at its WDAS in June.

The CBN’s volume of the foreign exchange sold dropped by 590 million dollars about N91.97 billion, representing 21.5 per cent of forex sold in June.

Some dealers attributed the reduction in July WDAS to the drop in the oil price at the international market, which led to the reduction in influx of forex.

Reports say that the lowest amount of forex sold at July’s WDAS was 180 million dollars about N28.05 billion compared to 300 million dollars (N54.57 billion) sold in June.

The lowest numbers of banks that participated in July auction was 15 against 18 banks that participated in June.

NAN also reports that CBN opened its WDAS on July 2 with N155.93 to a dollar and traded N155.80 per dollar on July 30.