CBN Sells Dollars for Fourth Day to Boost FX Liquidity

Nigeria's central bank is selling dollars on the interbank market for the fourth day to ease dollar shortages after it floated the currency, traders told Reuters.

The naira traded at 283 to the dollar at 1249 GMT, on volumes of $76.8 million, which traders attributed to the central bank 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 central bank as the main supplier of hard currency.