The CBN conducted a special foreign exchange auction for backlog of demand by fuel importers. The apex bank of Nigeria has asked banks to submit bids for a “special currency auction” for PMS importers to  offset the backlog of dollar demand by importers of fuel .

It is a known fact that Nigeria consumes 4.5 million litres of fuel which requires about 18 million a day of fuel availability for consumers. Importers cover about 30% of demand,while state owned firms cover the rest causing a strain on the forex market. (Vanguard, 2016).

The forex shortage has hindered smooth operation in industries while some companies have completely lay off workers. However, the rate the Central Bank is willing to sell the dollars has not been made clear.