The Central Bank of Nigeria intervened for the third straight session on Tuesday to defend the naira by selling dollars below its official band but the currency traded weaker in the interbank market.
Dollar sales by an oil firm were traded at a weaker level than in the earlier sale by the central bank, dealers said.
The bank once again sold dollars below its official band, at 198 naira to the U.S. currency, and again banned banks from reselling dollars bought at its currency auction to other banks to curb speculation.
All the trades by the bank have been outside its own target band of 160-176 to the dollar set in November when it devalued the currency by 8 percent to save its foreign reserves. On Monday and Tuesday, it sold dollars at 198 naira, dealers said.
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