Nigeria in record forex sale

The Central Bank of Nigeria offered $500 million to banks in the foreign exchange market on 23 August, in its largest ever sale of foreign exchange.

In remarks to Reuters, Charles Soludo, governor of the Central Bank of Nigeria, said that the action was intended "to shore up the foreign exchange market, to reduce the premium in the interbank and official rate, and also as a liquidity mop-up strategy."

He also said that the sale, which was in addition to the regular twice-weekly auctions, would

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