The Business NG - August 13, 2024
The Business NG - August 13, 2024
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Guinness Nigeria PLC emerged as the highest bidder, purchasing $15.8 million at a bid rate of N1,540/$1. This move is seen as a strategic step by the company to manage its foreign loan obligations and ensure the continued growth and expansion of its operations in Nigeria.
Churchgate Investments Ltd purchased the smallest bid amount of $146,000 at a bid rate of N1,520/$1. Despite being the smallest bidder, the company's participation in the auction demonstrates its commitment to meeting its foreign loan obligations and maintaining its business operations in Nigeria.
The CBN sold $876.26 million at N1,495/$1 to 26 qualified banks in the auction. A total bid of $1.18 billion was received from 32 dealer banks, but bids from six banks were disqualified. This move by the CBN is part of its strategy to reduce demand pressure in the foreign exchange market and promote price discovery.
The auction also aimed to ensure that companies in Nigeria have access to the foreign exchange they need to repay their loans and conduct their business operations. By providing this access, the CBN hopes to promote economic growth and development in Nigeria
The Business NG Newspaper Description:
出版社: Tuns Media & Comm Enterprise
カテゴリー: Newspaper
言語: English
発行頻度: Semi-Weekly
The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level
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