Nigeria Sells $250 Million at Foreign Exchange Auction
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Nigeria sold $250 million of foreign currency at an auction today, less that $342 million demanded by lenders, the Abuja-based central bank said in an e-mailed statement today.
Dollars were sold for between 150.60 naira and 150.81 naira each, the bank said. The marginal rate, which is also used as the prevailing exchange rate, was 150.71 naira compared with 150.56 naira at the previous auction held on Feb. 28.