Published By: Kazeem Ugbodaga
3rd May, 2017
The Central Bank of Nigeria, CBN, plans to offer $150 million on the spot and forward markets on Wednesday, traders said, citing a notice from the regulator.
The central bank has been intervening on the currency market since February in a bid to boost dollar liquidity and narrow the spread between official and black market naira rates.
The regulator said it has suspended several lenders from its weekly dollar interventions after they made it difficult for small firms to access foreign exchange.
The naira on Wednesday closed at 306.25 on the spot window and the black market rate was quoted at 391 to the dollar, Reuters reports.
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