Nigeria to sell $100 million at special forex auction

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Godwin Emefiele, CBN governor

Nigeria’s central bank will sell $100 million at a special foreign exchange auction on Wednesday, the bank said as the local currency held steady in all segments of the foreign exchange market.

In a notice to commercial lenders, the regulator said the dollar auction would be for spot and forward deals which would be settled within the next 60 days.

The central bank has been intervening on the official market in the last few months to try to narrow the spread between rates on the official market and black market. It has sold over $5 billion since February.

The local naira currency came close to converging at the investor foreign exchange window and black market on Friday, with analysts attributing the development to increased dollar liquidity in the forex market.

The naira was quoted unchanged at 368 per dollar at the black market on Wednesday,…

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