Central Bank meets $50m target in forex auction to BDCs
The Central Bank achieved its forex forward auction target of $50m in the sale of the US dollar to some Bulk Oil Distribution Companies (BDCs) in the country.
The $50m forex auction by the BoG was subscribed by 28 BDCs who through their banks submitted bids ranging from $7.49 to $7.60.
The BoG’s forex forward rate for the auction was $7.55.
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.
Find below details of the Forex auction below:
BOG Notice No 38 FMD BDCs Forex Forward Auction Result No 0004 2022 004 11th May 2022 by Fuaad Dodoo on Scribd
