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CBN sells Forex to boost liquidity for fifth straight day

Nigeria’s central bank sold dollars on the interbank market for the fifth consecutive day to ease dollar shortages after it floated the currency earlier this…

Nigeria’s central bank sold dollars on the interbank market for the fifth consecutive day to ease dollar shortages after it floated the currency earlier this week, traders said on Friday.

The naira traded at 281.75 to the dollar at 1216 GMT, on volumes of $28 million, which traders attributed to central bank’s intervention. The interbank market opened at 0800 GMT with no activity for more than three hours.

"There’s still a lot of demand with no liquidity," one trader said, adding that it was not clear for how long the bank would continue to sell dollars on the interbank market. (REUTERS)

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