Nigeria: CBN Intervenes, Raises Dollar Supply

26 July 2011

Apparently concerned by the rising demand for the United States dollar at the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) Monday increased its supply of the greenback at its regulated Wholesale Dutch Auction System (WDAS) by 60 per cent to a total of $400 million.

THISDAY checks showed that the total amount offered by the apex bank at the auction represented an increase of $150 million, as against the $250 million it had offered at last Wednesday's auction.

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