May 26, 2016 / 11:22 AM / in a year

Nigerian lenders submit bids for FX to central bank at 197- traders

LAGOS, May 26 (Reuters) - Nigeria’s central bank told commercial lenders to fund their naira accounts and submit bids for dollars on Thursday at 197, traders said, citing a message from the regulator.

On Tuesday, the central bank said it would adopt a flexible exchange rate policy, a shift from a peg for the naira seen as overvalued, which had hampered investment. The bank has only said it will give guidance within days. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Editing by Toby Chopra)

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