CBN now sells to foreign investors at rate of N443/$

The Central of Nigeria is at present selling forex to foreign portfolio investors at a spot rate of N443/$.

This is according to information obtained from forex traders who are privy to CBN block sales.

According to Nairametrics, 35% of total funds traded on Wednesday were sold as spot at the rate of N443/$ while the remainder as 150-day forward at the rate of N452.15/$.

The Apex bank has over the last one week sold forex to foreign portfolio investors at a significant premium to the daily average closing rate of N410/$1 or N415/$1 depending on the closing price traded, which often represents the preferred band of a closely controlled exchange rate.

It should be noted that at present, the exchange rate at the Investors and Exporters window trades at N415.07/$1, while it has maintained an average of N415.1/$1 so far in the month of October 2021.

However, this rate at which FX is being sold to foreign investors may be indicative of where the CBN sees the exchange rate in the future.