Lagos - Nigeria's central bank intervened four times on Thursday with dollar sales of up to $2 million (R22.2 million) each to commercial lenders as it seeks to prop up the naira currency after it fell to a new intraday low of 177.65, dealers said.
After the intervention, the naira climbed 1.86 percent to 174.40 to the dollar in volatile trade, but remained outside the central bank's preferred band.
Dealers said the bank has been selling around $150 million to $200 million in each intervention.
Dollar demand on the interbank market has been heavy, dealers said, after the central bank restricted hard currency sales through its official window to importers.
Nigeria imports around 80 percent of what it consumes locally. - Reuters