Wednesday, February 22, 2017

Video - Nigeria Central Bank to sell off $500 million to improve dollar liquidity

Nigeria's central bank will sell $500 million to help improve dollar liquidity a day after the bank effectively devalued the naira for retail currency sales. Nigeria has been running short of dollars as its oil revenues have fallen along with the price of crude. That has driven the naira to a low of 520 to the dollar on the black market, far weaker than the official inter-bank rate of 305.

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