The Central Bank of Nigeria (CBN) has started the sale of foreign exchange (FX) to banks to clear the backlog of demand in the market, which currently stands at $2 billion.
The apex bank is utilising the strategy of a combination of spot and 150-day forward sales to clear the accumulated FX demand.
The exercise, which commenced on Monday, has seen the bank selling $25 million daily and would continue weekly until the backlog is cleared.
“As it is now, all the foreign portfolio investors are relaxed because of the intervention by the apex bank. They (CBN) have promised us that it would be weekly until everything is cleared