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CBN Apex bank sells $313 million in forwards - Citibank note

Traders said the bank had sold less hard currency than would be expected at a special auction.

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Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. play Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. ( REUTERS/Afolabi Sotunde/File Photo)

Nigeria's central bank has sold around $313 million in a two-month forward auction to clear backlog dollar demand, Citibank wrote in a note to clients on Thursday.

Last week, the central bank held a two-month dollar forward auction to clear a backlog of demand from airlines, manufacturers and other companies, as a currency crisis deepened. It later directed lenders to submit bids again on Monday, traders said.

Traders said the bank had sold less hard currency than would be expected at a special auction, and that bids had been accepted at around a range of 310-350 per dollar.

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