LAGOS, FEBRUARY 20, 2017 – The central bank of Nigeria plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of 375 naira to clear a backlog of demand and try to narrow the premium between the official and black market rates, traders said on Monday.
Traders said commercial lenders have compiled a list of bids from customers awaiting dollars.
The central bank has been selling dollars at 305 naira to clear a backlog of demand from manufacturing, agriculture and airline companies, hoping also to help drag Nigeria out of its worst recession in 25 years, triggered by low oil prices.
