The Pak Banker - - FRONT PAGE -

Nige­ria's cen­tral bank told com­mer­cial lenders to fund their naira ac­counts to be able to par­tic­i­pate in a cur­rency in­ter­ven­tion on the in­ter­bank mar­ket on Thurs­day, traders said, cit­ing a mes­sage from the reg­u­la­tor. The cen­tral bank did not dis­close how much it would sell but one trader said the bank sold be­tween $100 mil­lion and $150 mil­lion at its in­ter­ven­tion last Thurs­day. 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.

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