The Central Bank of Nigeria (CBN) is scrapping its bi-weekly currency auction and will sell dollars to banks at 198 naira, a market body said on Wednesday, unveiling a de facto devaluation of the currency of Africa’s biggest economy and top oil producer.
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FMDQ, a group comprising Nigeria’s main commercial banks and the central bank, said commercial banks had also been banned from re-selling central bank dollars to other banks, another attempt to end speculation in the naira.
