Business
CBN reduces foreign exchange settlement period to 30 days
Central Bank of Nigeria CBN has decided to now sell shorter-dated dollar for future transaction in a bid to inject liquidity into the official foreign exchange market in order to enhance the value of the naira.
But the naira weakened on the official as N328.50 was trading for one dollar on the interbank segment of the foreign exchange market with only $80,000 traded.
The CBN will auction $100 million that will be settled between one week and 30 days, as against sixty-day contracts previously.
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