Bank of Ghana offers $25 million to forex dealers in April auction

The Bank of Ghana (BoG) accepted $25 million in bids in its latest auction of forex.

Dollars

This is a 31.74% of the total amount of $78.75 million that forex dealers bid for.

A report by the BoG in controlling the supply of the dollars said they received 108 bids in the latest forex auction which was done on Tuesday [April 7, 2020].

The report indicated that the highest number of bidders (53) were dealers seeking foreign currency within the next seven days.

The second highest was dealers who needed foreign currency in the next fifteen days with 29 bidders.

There was one bid each for dealers who require dollars within the next two months or more.

The Central Bank offered prices higher for the minimum bids quoted by the dealers but offered relatively lower prices for the maximum bids quoted by the dealers.

For example, bidders for the seven days quoted a minimum price of GHC5.50pesewas and a maximum price of GHC5.77 pesewas.

But the BoG offered a minimum price of GHC5.68 pesewas and a maximum price of GHC5.72 pesewas.

The total amount of bids that were classified as invalid was $2 million. They were invalid because they did not meet the guidelines.

The central bank introduced this forward auction of forex to control the amount of foreign currency in circulation.

The Central Bank said this is to prevent the recurrent depreciation of the cedi.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Top 10 African countries with the highest corporate tax rates

Top 10 African countries with the highest corporate tax rates