But since February this year when CBN liberalised further the foreign exchange market, it has put no less than $5 billion, most of which are in forwards sales with maturity dates ranging 30, 45, 60 days to one year.
The National Bureau of Statistics (NBS) has said that the increase in the value of exports put at 28.9 per cent and 3.8 per cent towards the end of second and third quarter of 2016 was due to the depreciation of the naira.
Apparently unable to pay the bills amidst other critical obligations that include maintenance, fuel and personnel, the airlines are more in financial distress with the attendant debt burden cumulatively estimated at N15 billion.
The redenomination plan, which had merely cosmetic value, was officially rejected while deafening silence relayed the abortion of the need to effect proper conversion of FA oil proceeds.
A former Deputy Governor of the Central Bank Of Nigeria (CBN), Dr. Obadiah Mailafia, has called on the Federal Government to take measures that will make naira convertible international trading currency.
Japanese technology firm, Canon has listed depreciation of the Naira against the dollar, as one of the challenges limiting business growth in the country.
At the Bureau De Change (BDC). the local currency was sold at N362 to the dollar, while the pound sterling and Euro closed at N495 and N420, respectively.
The ABCON President, Alhaji Aminu Gwadabe, in his opening remarks, said CBN was determined to raise liquidity in the forex market provided the BDCs operate within set guidelines.
There are no surprises with these policy measures. They are standard and generic measures usually found in IMF’s Article IV Consultation Reports for most oil exporting countries.
The Association of Bureau De Change Operators of Nigeria (ABCON) has asked for a N10 margin per dollar from the Central Bank of Nigeria (CBN). Granted, ABCON said, it could check operators’ tendency for round tripping.
The CBN acting Director, Corporate Communications, Mr Isaac Okorafor said in Abuja that the $480m offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.
The CBN promised to sustain the tempo of its interventions until it is comfortable with the exchange rate, currently at N360/$1, although the dollar exchanged at the rate of N392/$1 at the parallel or black market at the close of work yesterday.