NNPC Diverts Dollars to CBN, Disrupts Forex Market
According to forex traders, $700 Million Dollars expected to be sold to the interbank market by the Nigerian National Petroleum company was instead diverted to the Central Bank of Nigeria.
Foreign exchange traders halted dealing on the local currency after the interbank market traded at a value of 160 naira to the greenback, way higher than the Wednesday auction rate of 150 Naira.
Traders are speculating that the CBN cannot continue to meet dollar demand with the reserves dwindling to $30 Billion, their lowest point in over a year, even as demand for imports continue to swell.
The CBN met full demand for dollar for the first time in 26 auctions yesterday.
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