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Nigeria steps up dollar sales after devaluing FX rate for retail customers – Reuters

HomeNewsNigeria steps up dollar sales after devaluing FX rate for retail customers – Reuters
  • CBN
21
Feb
Nigeria steps up dollar sales after devaluing FX rate for retail customers – Reuters
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LAGOS Feb 21 (Reuters) – Nigeria’s central bank stepped up dollar sales on the interbank currency market on Tuesday, traders said, a day after the bank effectively devalued the naira for retail currency sales.

The bank sold a total of $6 million to commercial banks at 304.75 per dollar, Reuters data showed, far more than its regular $1.5 million, traders said.

Earlier, the central bank said it would sell $500 million on a 60-day forward contract to help boost dollar liquidity on the interbank market. (Reporting by Chijioke Ohuocha; Editing by Catherine Evans)

 


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