The long-awaited dollar supply from multinationals and foreign currency earning-firms to the newly-inaugurated inter-bank foreign exchange market under the flexible rate policy was realised yesterday as about $37.2 million was cumulatively auctioned by three oil majors.

Also, the Central Bank of Nigeria (CBN) intervened in the forex market again, selling $7 million at N283 to the dollar on the inter-bank currency market, keeping the currency steady at Wednesday’s record.

Specifically, the Nigerian units of ExxonMobil, Chevron, Eni and Addax sold a combined $37.2 million through commercial banks for import of petroleum products into the country, according to Reuters.

The development showed that the oil majors contributed more than half of the total market supplies needed to meet the inter-bank market traded volume of $60 million, with the naira remaining steady at N283 to the dollar.

On Wednesday, the CBN and Citibank executed the country’s first Naira-settled Futures trade against the dollar two days after the apex bank introduced an over-the-counter futures market on the currency to help manage dollar demand, quoting the naira firmer at N279 to the dollar in a month’s time and at N210 by April next year.

“The local unit has gained a relative stability under the floating system since last week, as average daily exchange rate has remained in-between N282 and N283”, a currency trader said.

Meanwhile, Nigeria’s forex reserves fell marginally to $26.34 billion by June 28, down 0.30 per cent from a month ago, according to a new report by the apex bank.

The stock of foreign reserves, estimated at $26.42 billion in May, down 9.2 per cent compared with one year recorded, settled at $26.34 now despite depletions to intervene in the new market structure, after CBN lifted 16-month-old currency controls.

The bank had last week auctioned $3.5 billion on the futures market to clear a backlog of currency demand after it lifted its 16-month-old peg to allow the naira to trade freely on the inter-bank market.