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The apex bank offered USD 876 million to fulfill bids submitted by customers at an auction held recently. The approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.
The Central Bank of Nigeria (CBN) US injected USD 876 million into the foreign exchange (forex) markets, reaffirming its commitment to support the proper functioning of the forex market by enhancing liquidity when necessary.
The apex bank offered USD 876 million to fulfill bids submitted by customers at an auction held recently. The approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.
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It complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market, through which over USD 305 million of foreign exchange has been sold to authorized dealers in the last three weeks.
