The central
bank of Nigeria (CBN) said on Tuesday it will sell $150 million in currency
forwards on the interbank market through commercial lenders.
The central
bank, which has been intervening on the official currency market over the past
two weeks, told lenders that Tuesday’s sale will be settled within 60 days.
The naira
fell to 306 per dollar on Monday from the 305.50 level it has traded since last
year after a central bank intervention on the spot market. The currency was
quoted at 455 per dollar on the black market on Tuesday.
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