Traders: Central Bank of Nigeria sells dollars

LAGOS Aug 11 (FxMallam) – The Central Bank of Nigeria in a bid to prop up the Naira against the U.S. Dollar  and boost forex liquidity sold dollars on Thursday according to traders.

Reuters reports that “the central bank asked some traders to bid for $1.5 million each” according to the traders, stating furthermore that CBN had been selling hard currency since this week. It is believed that a total of $6.27 million traded on Thursday.

Earlier in the trading week, the Nigerian Naira reached an all time low trading at 350 naira against the dollar. The naira later settled at 320 to the dollar and closed at 310 on Thursday.