Dec 30 (Lagos) - Central Bank of Nigeria ( CBN ) sold about US$1bn on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June.
Outstanding dollar demand was about US$ 4 billion before June, when the 16-month-old peg was removed.
Efforts to cut dollar demand have been largely unsuccessful due to low oil prices.
reporting for easykobo.com on Friday, Dec 30 2016 from Lagos, Nigeria
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