The Central Bank of Nigeria, CBN, has asked banks to submit bids for a "special currency auction" to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, traders said on Monday.
Beneficiaries of the auction will include airlines, fuel marketers raw materials and machinery for manufacturing firms and agricultural chemicals dealers.
The central bank instructed commercial lenders to submit backlog dollar demand from these customers by 1500 GMT for a special forex intervention.
It's expected that the supply will ease the pressure off the naira, and ensure some stability in the forex market.
CBN Begins Dollar Sale To Fuel Marketers, Airlines
Reviewed by Queen- Doosh