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F.G To Sell $100m At Auction

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The central bank of Nigeria CBN says it will sell $100 million at a special foreign exchange auction.

The apex bank said as the naira held steady in all segments of the foreign exchange market, dollar auction would be for spot and forward deals within the next 60 days.

Traders say the central bank has been intervening on the official market in the last few months to try to narrow the spread between rates on the official market and black market.

It has sold over $5 billion since February. The local naira currency came close to converging at the investor foreign exchange window and black market, with analysts attributing the development to increased dollar liquidity in the forex market.

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