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If The US Dollar Is Falling, Why Are Banks Borrowing From The CBN To Buy Dollars?

According to the Vanguard Newspapers, Commercial banks in Nigeria accessed N1.6 trillion to purchase dollars from the Central bank of Nigeria CBN for week ended 24/2/17. Specifically

Banks borrowed N433 billion to fund the $370 million sold by the CBN, then banks borrowed N392 billion to fund the $230 million sold by the apex bank that day.

If banks are borrowing from the Central Bank of Nigeria to fund USD purchases from the Central Bank of Nigeria, is the Naira really gaining strength? If Naira is projected to remain strong (and thus US Dollar weakens) then the banks would simply wait and buy a weaker Dollar…correct? Why the rush to incur debt to hold USD?
 
Answer is the demand for US Dollars, specifically pent-up demand is real and has been unmet, and bank customers are now willing to pay a “premium” for an asset (Forex) that is getting weaker. This indicates a nervousness in the financial market about the capacity of the CBN to maintain its supply of USD to the Interbank market.
 
If supply, specifically private supply of Forex does not improve and flow to the Interbank market, then the US Dollar will regain its strength.

Forex: CBN’s lending to banks rises to N1.6tr

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