Nigeria’s Naira Falls Even as Central Bank Sells $100 Million
- Bank ‘optimistic’ it’s cleared bulk of forex backlog
- Yields on Nigeria’s Eurobonds fall to lowest since August
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Nigeria’s naira extended declines for a third day of trading without a peg, even after the nation’s central bank said it was confident it had cleared a backlog of foreign-currency demand.
The naira fell 0.5 percent to 286 per dollar by 8:40 a.m. in Lagos, the commercial capital, after weakening 0.7 percent Tuesday. The central bank sold about $100 million in the interbank spot market Tuesday, according to spokesman Isaac Okorafor. That followed an auction of $4 billion on Monday -- when the naira slumped 30 percent after the central bank abandoned its peg.