Nigerian cenbank sells $1.5 mln at 305.25 naira on interbank market: traders

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LAGOS (Reuters) – Nigeria’s central bank sold $1.5 million at 305.25 per dollar in a regular intervention on the official interbank market to boost liquidity, traders said on Monday.

The interbank market had traded for more than three hours from its open with no deals before the central bank sale.

Traders say the bank plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of 375 naira to try to narrow a 40 percent gap between the official and black market naira rates.

(Reporting by Chijioke Ohuocha; editing by John Stonestreet)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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