Nigeria cenbank to sell FX weekly to retail users at 375 naira

Nigeria's central bank plans to sell $1 million weekly to each of the country's 21 commercial lenders at a rate of 375 naira to clear a backlog of demand and try to narrow the premium between the official and black market rates, traders said on Monday.

Traders said commercial lenders have compiled a list of bids from customers awaiting dollars.

The central bank has been selling dollars at 305 naira to clear a backlog of demand from manufacturing, agriculture and airline companies, hoping also to help drag Nigeria out of its worst recession in 25 years, triggered by low oil prices.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)