Emmanuel Ukeje, of the Central Bank of Nigeria director of financial markets has made it known on Friday 15, January that the apex bank is no more selling dollars on a daily basis any longer. "When we do the auction everybody bids," he said.
The news, according to Reuters, appeared four days after the CBN announced to put a stop to dollar sales to Bureau De Change operators and retail currency outlets so as to conserve its dwindling foreign reserves.
Before this latest change, commercial banks were formerly instructed to pre-fund bids which were submitted to the central bank on a daily basis for the allocation of dollars.
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