Nigeria raises dollar supply to foreign exchang mkt, naira gains
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Nigeria raises dollar supply to foreign exchang mkt, naira gains UPDATED 24 Mar 2009 | 11:08  
Nigeria raises dollar supply to foreign exchang mkt, naira gains

LAGOS (Reuters) - The Nigerian central bank sold $353.12 million at its fourth daily foreign exchange market on Monday at 146 to the U.S. dollar, almost meeting the $381.22 million demanded by end-users, traders said on Tueday.

The central bank sold $86.99 million at 147.51 to the dollar on Friday, indicating that naira gained 1.51 percent against the dollar at Monday's auction.

Dealers said the increase in dollar supply at the central bank auctions will create confidence in the market and help to firm the naira.

Central bank governor Chukwuma Soludo said on Monday the regulator will fully meet all dollar demands at its daily forex auctions as part of efforts to support the naira.

Soludo said the central bank will also sell $100 million to the Bureaux de Change every week to cut the exchange rate further in that segment of the forex market.

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