CBN Stops Daily Dollar Sales

Nigeria's central bank will no longer hold dollar auctions on a daily basis, its director of financial markets told Reuters on Friday.

The move comes four days after the bank halted dollar sales to retail currency outlets in a bid to conserve its dwindling foreign reserves.

Prior to the latest change, commercial bank were required to pre-fund bids which were submitted to the central bank on a daily basis for the allocation of dollars.

"We don't sell (dollars) on a daily basis any more. When we do the auction everybody bids," said the central bank's financial markets director, Emmanuel Ukeje.