According to a Reuters report, Nigeria’s central bank plans to sell $100 million in currency forwards at a special auction on Thursday to be delivered within the next 60 days, traders say.
The bank has been injecting more dollars into the system to meet the needs of importers since February. It’s trying to boost supply in the market and narrow the margin between official and black market rate.
The local currency closed at 410 to the dollar on the black market on Wednesday, stronger than the previous 430 to the dollar. It weakened to 307.75 to the dollar on the interbank market, compared with 307.50 a dollar previously.