A Review of the Nigerian Energy Industry

CBN closes Dollar sales for 2013, reserves plummet

Central-Bank-of-Nigeria-CBN26 December 2013, Abuja – The Central Bank of Nigeria, CBN, has closed dollar sales at the Retail Dutch Auction System, RDAS, for the year. According to a statement issued by the apex bank, foreign exchange sales would resume on Monday January 6, 2014.

Prior to the closure, the CBN had increased its offer at the RDAS to $400 million on Monday and Wednesday this week.

At the RDAS on Monday the CBN offered $400 million out of which $399.98 million was sold to 22 participating banks. Bids for the foreign currency however rose to N158.00 per dollar on Monday with a low of N155.70 and a marginal price of N155.72 to the dollar.

Also, $400 million was offered by the apex bank on Wednesday which was the last official dollar sales for the year.

Similar to Monday’s sales, $399.98 million was sold at the RDAS even as the bidding value of the naira dropped to N158.82 at the official window.
*Bukola Idowu, Leadership

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