Sunday, January 21, 2018 7:48:14 PM- Nigerian Stock Exchange.

  CBN sold $ 1 billion to clear demand backlog


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 on Friday, Dec 30 2016 from Lagos, Nigeria

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