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HomeBankingCBN to offer FX bureau dollars at 360/$

CBN to offer FX bureau dollars at 360/$

Nigeria’s Central Bank is expected to make available $20,000 to each of the country’s 3,150 registered forex bureaus on Thursday at a rate of 360 naira per dollar in order to boost liquidity, the head of the bureau de change association said.

The Central Bank has sold more than $4 billion since it started its aggressive intervention on the currency markets in February, analysts say. It has also pursued a multiple exchange rate regime which economists say has masked the pressure on the currency.

Analysts doubt whether it can sustain the dollar sales, reports Reuters.

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