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Nigeria : CBN Sells $150 Million at Auction

Nigeria’s central bank offered $150 million at its twice-weekly auction, the least since March 29, while banks sought to by $214 million, according to an e-mail from the CBN Dollars were sold for between 147.9 naira and 148.6 naira.

“If the central bank fails to meet lenders’ demand consistently for about three weeks, the naira is bound to come under fresh pressure,” Kweku Brown, an analyst with Source Capital, a financial advisory company, said by phone from Lagos.

The naira weakened for the first day in three, dropping 0.3 percent to 150.17 versus the dollar as of 4:03 p.m. in Lagos.

The currency of Africa’s biggest oil producer depreciated to 152.35 per dollar on May 18, the weakest level this year, with demand for dollars exceeding supply at all currency auctions from April 26 till then.

The central bank increased dollars on offer to ease pressure on the naira, with the currency appreciating 1 percent since May 18.