World Bank Issues Warning to CBN Over Sale of Dollar to Zenith, Access, GTB Others [Video]

• The Central Bank of Nigeria has been urged to refrain from intervening in the forex market through auctions
• This occurred as the CBN auctioned $876.26m to end users via a retail Dutch auction
• It stated that granting market participants more freedom in their forex trading will contribute to market’s depth

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria has been advised by the World Bank against using forex auctions as a means of interfering in the foreign exchange market.

Additionally, the World Bank suggested that the commitment to exchange rate flexibility be consistently reaffirmed by implementing a thorough, methodical, and open framework for foreign exchange interventions.

The policy advisory issued by the World …