Nigeria's Central Bank Sells Dollars To Lift Naira – Dealers
Nigeria's central bank intervened on Friday, selling an undisclosed amount of dollars to prop up the naira currency, which has been hit hard by falling global oil prices, dealers said.
The bank has been intervening this week to lift the naira, which is trading outside its target band of 160-176 and has hit record lows this year as the price of oil, Nigeria's main export, continues to fall.
The Nigerian currency firmed to as low as 186.80 naira to the dollar following the intervention, after opening at 189.55. The naira was trading at 188.10 at 1247 GMT.