Commercial Banks Tender Dollar Bids at N197

The Central Bank of Nigeria, CBN, on Thursday, May 26, directed commercial banks to fund their naira accounts and submit bids for dollars at N197.

The apex bank had on Tuesday unveiled plans to adopt a flexible exchange rate policy, from a de facto peg of around N197 and retain a window for funding critical transactions, creating a dual exchange rate.

Traders said it was not clear whether the bank would settle bid at N197, adding that quantity of dollars sold has been declining.

The CBN sold around $110 million last week, down from around $150 million previously.

The apex bank did not say how much it would sell yesterday.