(3 Minutes Read)
Twenty-seven banks participated in the Special Foreign Exchange Auction on February 24, 2025, bidding on USD 60 million on offer from the National Bank of Ethiopia (NBE).
The Ethiopian central bank’s second forex auction since August 2024 saw banks bid a weighted average of 135.6 birr per US dollar, significantly from the 107.9 birr recorded last time. The figure is around 10 birr higher than the rate commercial banks offer today.
Twenty-seven banks participated in the Special Foreign Exchange Auction on February 24, 2025, bidding on USD 60 million on offer from the National Bank of Ethiopia (NBE).
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Regulators are open to organizing more forex auctions if “warranted and consistent with [the NBE’s] price and external stability objectives,” according to a statement from the central bank.
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