CBN to sell FX to retail clients at 5% above official rate -traders

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LAGOS, July 3 – Nigeria’s central bank asked lenders to bid for forex at an auction at 380 to the dollar from a previous rate of 360, allowing the naira to weaken, traders said on Friday.

The central bank, Nigeria’s main supplier of dollars, depreciated the forex rate for retail interventions by 5%, traders said, quoting a message from the regulator to lenders.

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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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