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U.S Dollars Decrease by 8.3 Percent

Report compiled by researchers showed that the amount of United States dollars offered by the Central Bank of Nigeria (CBN) at its regulated Wholesale Dutch Auction System (WDAS) decreased by 8.3 per cent to a total of $2.2 billion in May.

According to the report, the amount reflected a reduction by $200million, compared to a total of$2.4 billion that was offered by the central bank at the bi-weekly regulated market in April.

However, the central bank sold only $2.018 billion of the greenback out of the amount supplied as against the $2.154 billion that was sold in April.

Dealers said that the public holidays that were declared to commemorate workers’ day on May 1 and Nigeria’s Democracy day celebration on May 29, which fell on two Wednesdays, affected the supply of the greenback.

Just like the previous months, the CBN did not publish the amount of dollars demanded by dealers throughout the seven auctions held in May.

SOURCE

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