The Central Bank of Nigeria, CBN, has announced that Manufacturers, airlines, fuel importers and agriculture businesses will now be offered the dollars at a special market intervention.
The apex bank said the policy will make it possible for these businesses to offset the backlog of foreign exchange obligations.
According to the bank's memo, “Authorised dealers’ accounts with the central bank will be debited in full for the Naira equivalent of the dollar bid amount on a spot basis.”
The central bank has been selling dollars since February in an attempt to improve liquidity and bridge the gap between the official and black market exchange rates for the naira.
Meanwhile, the naira was quoted at 377.83 to the dollar at the investor window, according to market regulator. It sold for 305.60 to the dollar at the interbank window and 366 on the black market.
