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Runaway black market - gap between exchange rates near widest since devaluation

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Nigerian foreign reserves fall 20.5 pct to $23.95 bln by Oct. 27 -central bank – Reuters

LAGOS Oct 31 (Reuters) – Nigeria’s foreign currency reserves fell 20.5 percent year-on-year to $23.95 billion by Oct. 27, down 2.7 percent month-on-month, central bank data showed on Monday.

The central bank has been selling dollars to support the weakening naira, hit by low oil prices that have triggered the first recession for 25 years.

The central bank will sell $500 million currency forwards at an auction to clear demand backlog from manufacturers, traders said on Monday, as the regulator tries to find ways to resolve a chronic dollar shortage plaguing the West African nation. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Louise Ireland)

 

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BANK ATM RATES

Diamond Bank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 13/10/2016
UBN SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 13/10/2016
GTB SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
Access Bank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
Ecobank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
S.Chartered SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
UBA SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
FBN SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
Skye SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
Stanbic SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 18/10/2016
STANBIC SAYS: From 18 October 2016, you will not be able to use your Naira debit and credit cards for international transactions. Please request for a US Dollar debit or prepaid card for transactions priced in foreign currencies. Call 01 422 2222 for details.

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