Reuters logo
Nigeria to sell $500 mln after devaluing FX rate for retail customers -traders
February 21, 2017 / 10:00 AM / 9 months ago

Nigeria to sell $500 mln after devaluing FX rate for retail customers -traders

LAGOS, Feb 21 (Reuters) - Nigeria’s central bank will sell $500 million on a 60-day forward contract to help boost dollar liquidity on the interbank market, traders said on Tuesday, a day after it effectively devalued the naira for retail currency transactions.

The central bank said the special intervention will be via a “wholesale bid” whereby commercial lenders will apply for a particular dollar amount as opposed to submitting individual customer demand.

Lenders will then allocate the U.S. currency to their customers, the central bank said in a mail to commercial banks, asking them to maintain the bid spread of 0.50 naira. (Reporting by Chijioke Ohuocha; Editing by Catherine Evans)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below