CBN to sell $150m at Interbank Market

Nigeria’s central bank said on Tuesday it will sell $150 million in currency forwards on the interbank market through commercial lenders.

The central bank, which has been intervening on the official currency market over the past two weeks, told lenders that Tuesday’s sale will be settled within 60 days.

The naira fell to 306 per dollar on Monday from the 305.50 level it has traded since last year after a central bank intervention on the spot market. The currency was quoted at 455 per dollar on the black market on Tuesday, Reuters reports.