Nigeria cenbank sells $313 mln in forwards – Citibank note – Reuters

CBN

LAGOS Oct 20 (Reuters) – Nigeria’s central bank has sold around $313 million in a two-month forward auction to clear backlog dollar demand, Citibank wrote in a note to clients on Thursday.

Last week, the central bank held a two-month dollar forward auction to clear a backlog of demand from airlines, manufacturers and other companies, as a currency crisis deepened. It later directed lenders to submit bids again on Monday, traders said.

Traders said the bank had sold less hard currency than would be expected at a special auction, and that bids had been accepted at around a range of 310-350 per dollar. (Reporitng by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Kevin Liffey)