Nigerian FX markets stall on intervention hopes

Nigeria's foreign exchange markets froze on Tuesday as banks waited to see if the central bank would intervene to halt the naira's fall.

Speaking on Wednesday, Charles Soludo, the governor said the central bank was ready to intervene to ensure stability after dollar supply all but dried up amid unprecedented demand and after banks stopped quoting prices.

"For those who are speculating on the naira, we'll make sure that they bear heavy losses," Soludo said, adding that the central bank would mee