Nigeria's central bank is selling long-dated treasury bill at higher yields than the the secondary market to mop up naira liquidity before the start next week of open inter bank currency trading-
Reuters
According to Reuters, the bank has said it would start the new foreign exchange trading regime on Monday, abandoning its 16-month peg and setting the stage for the naira to fall sharply.
The report also states that the
CBN sold 205.9 billion naira ($1.03 billion
Read Also MTN Plans Mobile Banking For Clients) worth of one year bills on Friday at 13.5 percent, compared with the secondary market rate of 10.81 percent, traders said, and had offered 78 billion naira in bills on Thursday. The traders admit that there was cash of 1.06 trillion naira - about $5.3 billion on offer in the market on Friday before the bank auctioned the bills.
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