The Central Bank of Nigeria (CBN) is selling dollars on the interbank market for the fourth day to ease dollar shortages after it floated the currency.
The naira traded at 283 to the dollar Wednesday, on volumes of $76.8 million, which traders attributed to the apex bank’s intervention. The interbank market opened at 0800 GMT with no activity for more than three hours.
Nigeria ditched a peg on the naira to allow the currency to trade freely on the interbank market but traders say dollar liquidity was tight, leaving the CBN as the main supplier of hard currency.
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