CBN to sell Forex weekly to retail users at 375 Naira

LAGOS, Feb 20 (Reuters) - Nigeria's central bank plans to
sell $1 million weekly to each of the country's 21 commercial
lenders at a rate of 375 naira to clear a backlog of demand and
try to narrow the premium between the official and black market
rates, traders said on Monday.
    Traders said commercial lenders have compiled a list of bids
from customers awaiting dollars.
    The central bank has been selling dollars at 305 naira to
clear a backlog of demand from manufacturing, agriculture and
airline companies, hoping also to help drag Nigeria out of its
worst recession in 25 years, triggered by low oil prices.

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