Nigeria supplies 79 pct forex demand, naira dips
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Nigeria supplies 79 pct forex demand, naira dips UPDATED 02 Apr 2009 | 10:32  
Nigeria supplies 79 pct forex demand, naira dips

LAGOS (Reuters) - Nigeria's central bank sold $88 million at 145.78 to the U.S. dollar at its daily forex auction on Wednesday, meeting 79 percent of the $111.87 million demanded by end-users, traders said on Thursday.

The regulator had sold $82.46 million at 145.70 a dollar on Tuesday, short of the $93.58 million demanded.

The central bank had in February introduced tighter currency regulations in an effort to stem a sharp deecline of the naira, which had fallen by more than 20 percent against the dollar in two months.

Nigeria, sub-Saharan Africa's second biggest economy has repeatedly said the measures are temporary and could be lifted as soon as the situation stabilises.

The currency traded stable at 172 to the dollar on the black market, traders said.

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