Nigeria’s Central Bank Has Sold $148 Million to 29 Authorized Dealers.

Nigeria’s central bank has sold $148 million in foreign exchange to 29 authorised dealer banks to alleviate demand pressure.

The bank sold dollars between 1,470 and 1,510 naira to dealers in the Nigerian Foreign Exchange Market on July 22 and 23, and bought $2 million from one dealer bank at 1,505 naira.

The naira has hit its lowest in four months, prompting the central bank to resume regular sales to improve market liquidity and currency stability.