The Central Bank of Nigeria, CBN, on Monday, June 20, participated in spot and forward trading, where it met 100 per cent of demand in the FX market with a total of $532,867,169.11 and cleared the backlog of $4.02 billion pent-up demand for forex.
Details of the FX trading showed that the highest bid on the spot market yesterday was N382/$ while the lowest bid was N197/$.
Providing clarity on the first day of trading after lifting the naira peg, the CBN monday stated that the foreign exchange market had a robust start, saying it cleared the backlog of $4 billion pent-up demand for FX with the naira exchanging at N280 to the dollar.
Meanwhile, the overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) increased significantly to 15 per cent yesterday from two per cent last Friday, after the central bank debited the accounts of commercial lenders to cover dollar purchases by the banks.
