Nigeria’s central bank auctions FX at 645 naira, weaker than spot rate
2023.06.02 13:39
© Reuters. FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde
ABUJA (Reuters) – Nigeria’s central bank has sold the dollar at 645 naira at its latest auction, results showed on Friday, lower than 465 naira where the currency is trading on the official secondary market.
Nigeria operates multiple exchange rates, which the central bank has used to manage demand, mask pressure on the naira and conserve its dwindling reserves. The system has fueled a black market, trading sharply lower than the spot rate.
The bank held the latest bi-weekly auction on May 26. In April, it auctioned dollars at 630 naira.
