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.
  

