Nigeria’s central bank has sold $148 million in foreign exchange to 29 authorised dealer banks in the spot market to ease demand pressure, it said on Friday. The central bank said it sold dollars at between 1,470 naira and 1,510 naira to dealers in the Nigerian Foreign Exchange Market on July 22 and 23, and bought $2 million from one dealer bank at 1,505 naira. The naira has come under pressure in recent weeks, hitting 1,640 on July 18, its lowest in four months. The central bank has resumed regular sales of dollars to dealers to improve liquidity in the market and help the stabilise the currency.
Bold Moves to Stabilise the Naira
