1 Min Read
ABUJA, April 25 (Reuters) - Nigeria's central bank sold $25 million on Tuesday in its first day of offering foreign exchange to investors and exporters, it said in a statement.
The central bank also sold $96.37 million in currency forwards at an auction, it said, part of its effort to narrow the spread between official and black market exchange rates and improve foreign exchange liquidity.
The central bank has been intervening in the official market to try to narrow the spread between the official and unofficial markets and has sold about $4 billion since February, analysts say, a pace they doubt it can sustain. (Reporting by Camillus Eboh; writing by Paul Carsten, editing by G Crosse)