Nigeria central bank said on Wednesday it will sell $100
million in currency forwards on the interbank market to clear a backlog of
dollar demand from business and individuals.
The bank said in a note to commercial lenders that the
intervention will require lenders to submit single bids to cover their demand
for hard currency. The sale will be settled within 60 days.
The central bank has intervened on the forex market in the
past two weeks as it attempts to narrow the spread between Nigeria's official
and black market dollar rates.
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