Nigeria central bank holds dollar forwards auction as currency crisis deepens

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Nigeria central bank holds dollar forwards auction as currency crisis deepens

By Oludare Mayowa and Chijioke Ohuocha LAGOS (Reuters) – Nigeria's central bank will sell two-month dollar forwards at an auction on Friday to clear a backlog of demand from airlines, manufacturers and other companies, traders and the ministry of transport said, as the country's currency crisis deepens. Dollar shortages have caused many firms to halt operations and lay off workers, compounding an economic crisis exacerbated by the fall in global prices for oil, which accounts for 70 percent of Nigeria's budget revenue. The central bank has struggled to support the local currency as its dollar reserves have dropped to more than an 11-year low of $24.2 billion.
A trader changes dollars with naira at a currency exchange store in Lagos

http://news.yahoo.com/nigeria-central-bank-holds-dollar-forwards-auction-currency-143902385–finance.html

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142 comments on “Nigeria central bank holds dollar forwards auction as currency crisis deepens

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