July 6, 2020 / 10:37 AM / a month ago

Nigeria levied $338 mln from banks before weakening retail FX rate -banking sources

ABUJA, July 6 (Reuters) - Nigeria’s central bank collected 122 billion naira ($338 mln) from lenders with excess cash holdings before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates, bankers told Reuters on Monday.

Nigeria operates a multiple rate regime which it has used to manage dollar demand after oil prices crashed. The central bank, Nigeria’s main forex supplier, asked lenders to bid for dollar at 380 naira on Friday, 5% above its official rate. (Reporting by Chijioke Ohuocha; Editing by Catherine Evans)

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