The Central Bank of Nigeria has told commercial lenders to fund their naira accounts yesterday, Tuesday, to be able to participate in a currency intervention on the interbank market tomorrow, Thursday. The traders got a message from the regualtor.
Though the message did not cite how much would be sold, one of the traders revealed to Reuters that the bank sold between $100 million and $150 million at its intervention last Thursday.
Only Last month the bank banned dollar sales to retail bureaux de change outlets, sending the naira to record lows on the black market and later stopped daily sales to the interbank market, all to conserve reserves which are down to an 11-year low.
The naira traded around a pegged rate of 198 to the dollar on the official interbank market on Tuesday but was quoted at 305 on the black market.