Nigeria's central bank to sell $100 mln at forex auction on Tuesday

The Central Bank of Nigeria (CBN) said on Tuesday it will intervene in the foreign exchange market on Tuesday with $100 million to commercial lenders.
In a notice to banks on Tuesday, the CBN said it will intervene for spot and short-tenured forwards not exceeding 60-day at the special auction today.
The results of the CBN Retail Intervention of September 22,2 017 was released late on Friday, with the regulatory bank injected $350 million into the market.
The regulatory bank has injected around $9.96 billion into the forex market since February when commenced its aggressive interventions to support the local market.
Banks are expected to submit bids for the $100 million on offer before the close of business on Tuesday and the result may be released on Wednesday.
Meanwhile, the naira appreciated by three basis points in the official market to close last week at 305.8 to the dollar. The local currency saw a 41 bps uptrend in the parallel market, to settle at N363.5 per dollar last week as well.
On the other hand, the naira traded sideways at the Investors and Exporters FX window, to close the week at 360.4 per dollar.
United Capital said the outlook for the naira is expected to remain relatively stable as gross external reserves improve amid stable oil prices.