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CBN Says Oil Dealers Could Still Make Profit At N320/$

Central Bank of Nigeria (CBN) maintains its decision not to throw open its foreign exchange window but advised oil dealers to source forex from the parallel marker.

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This was a response to the calls by oil marketers for access to the CBN foreign exchange window.
In response to call, CBN Governor Godwin Emefiele on Tuesday maintained that oil marketers will still make profit even if they buy forex at N320 to the dollar, maintaining the stance that oil marketers buy forex from the parallel market.
Oil marketers have in times past bought forex at N197.5 from the CBN window by applying through their various banks, but following the hike in the price of petrol to N145 per liter from N86.50 they had been told to source forex for oil importation from the parallel market.
Emefiele while fielding questions from journalists following the conclusion of the Monetary Policy Committee Meeting in Abuja yesterday noted that the foreign exchange reserves of the CBN can no longer satisfy all the demands for forex.
The external reserves had consistently been depleted in the past months shedding a total of $2.45 million or 8.46 per cent since the beginning of the year. As at January 4, 2016, the reserves was $28.957 billion but had consistently trended downwards to $26.51 billion as at Monday, May 23, 2016.
Meanwhile, the apex bank says it plans to raise N143.85 billion worth of Treasury bills with maturities ranging between three months and a year on June 1, 2016.
The apex bank said it will issue N45.85 billion of 3-month debt, N18 billion in the 6-month paper and N80 billion of 1-year bills in a Dutch auction.
“Each bid must be in multiple of 1,000 naira subject to a minimum of 10,000 naira,” the bank said in a public notice. Allotment letters are to be issued to successful bids on June 2, 2016.

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