The Central Bank of Nigeria (CBN), has told commercial lenders to fund their naira accounts on Tuesday to enable them participate in a currency intervention on the interbank market on Thursday, traders revealed citing a message from the apex bank.

The CBN however did not disclose how much it would sell, but a trader interviewed by reuters disclosed that the bank sold between $100 million and $500 million at its intervention last Thursday.

The apex bank had announced last month that it was stopping the sale of forex to Bureaux De Change (BDC) operators, stating that it has now permitted banks to receive forex deposits.

Efforts have been made to guard the foreign reserves which has been depleting and fallen to an 11 year low.

Reuters originally reported this article

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