LAGOS Feb 20 Nigeria's central bank plans to
sell $1 million weekly to each of the country's 21 commercial
lenders at a rate of 375 naira to clear a backlog of demand and
try to narrow the premium between the official and black market
rates, traders said on Monday.
Traders said commercial lenders have compiled a list of bids
from customers awaiting dollars.
The central bank has been selling dollars at 305 naira to
clear a backlog of demand from manufacturing, agriculture and
airline companies, hoping also to help drag Nigeria out of its
worst recession in 25 years, triggered by low oil prices.
(Reporting by Chijioke Ohuocha; editing by John Stonestreet)