NIGERIA CHANGES AUCTION RULES TO DEFEND NAIRA
Nigeria's Central Bank has changed the
rules governing its foreign exchange auctions in what analysts
see as a means of defending the naira currency, which has
depreciated steadily.
    The bank said in a statement that from April 2, banks
bidding for foreign exchange would have to pay at the rate they
offered and not, as presently, at the rate of the lowest
successful bid made at the auction.
    This should discourage banks from bidding high to ensure
that they were successful while paying the lower "marginal" rate,
analysts said.
    The Central Bank also announced the auctions would be
fortnightly, not weekly, beginning on April 2.
 Reuter
