Nigerian Central Bank Resumes Intervention Amid Naira Weakness
- Central bank looks to inject $113.74 million for retail demand
- Reduced yield on fixed-income assets trigger investor exit
Dollar exchange at a market in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s central bank resumed foreign currency sales after the naira slipped to a fresh low against the dollar this week, with analysts blaming the local unit’s weakness on scaled-back intervention and profit-taking by foreign investors.
The Central Bank of Nigeria late Friday announced that it would sell the West African nation’s bureau de change operators as much as $20,000 each in an effort aimed at “providing more liquidity into the market.”