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Nigeria's naira fell briefly to a new low against the dollar on the official market on Tuesday but rebounded after the central bank pumped $1.5 million into the market to stabilise the battered currency, traders said.
The currency weakened to a record low of 375.50 to the dollar at 1014 GMT, according to Thomson Reuters data.
The Central Bank later sold around $1.5 million to some commercial lenders, helping the naira to close at the previous day's rate of 305, traders said.
An official at trading platform FMDQ confirmed a single trade worth $10,000 had been made at a rate of 376.63 early on Tuesday but gave no further details.
Liquidity on the official market remains limited and dealers said importers seeking dollars need to go to the black market, where the local currency traded at 465 on Tuesday, slightly up from 470 a dollar previously.
- Reuters
The currency weakened to a record low of 375.50 to the dollar at 1014 GMT, according to Thomson Reuters data.
The Central Bank later sold around $1.5 million to some commercial lenders, helping the naira to close at the previous day's rate of 305, traders said.
An official at trading platform FMDQ confirmed a single trade worth $10,000 had been made at a rate of 376.63 early on Tuesday but gave no further details.
Liquidity on the official market remains limited and dealers said importers seeking dollars need to go to the black market, where the local currency traded at 465 on Tuesday, slightly up from 470 a dollar previously.
- Reuters