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Nigeria's Cenbank to sell $100 mln forward at auction - REUTERS

MARCH 20, 2017

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LAGOS, March 20 (Reuters) - Nigeria's central bank plans to offer $100 million in currency forwards on Monday to be delivered within the next 60 days, traders say.

The bank has consistently been selling foreign exchange to importers since February in a move to increase dollar supply in the market and narrow the margin between official and black market rate.

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The local currency was quoted at 307.50 to the dollar on the interbank market at 1256 GMT compared with 307 a dollar closed on Friday, while it was quoted at 445 on the black market, firmer than 450 a dollar closed on Friday. (Reporting by Oludare Mayowa, editing by Pritha Sarkar)

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