The Central Bank achieved its forex forward auction target of $75m in the sale of the US dollar to some Bulk Oil Distribution Companies (BDCs) in the country.
The $75m forex auction by the BoG was subscribed by 24 BDCs who through their banks submitted bids ranging from $7.40 to $7.57.
The BoG’s forex forward rate for the auction was $7.50.
With the BoG’s new exclusive forex forward auction for BDCs, prices of imported fuel at the pumps is expected to witness some stability.
According to the BoG, the forward auctions is intended to minimise the uncertainty of the future availability of forex and aid price discovery especially for the general pricing window within the downstream sector.
Source:norvanreports
