Nigeria retail currency bureaux to bid for $25 mln at 381

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LAGOS, March 9  – Nigeria retail currency bureaux will on Thursday bid for $25 million from international money transfer firm, Travelex, at 381 per dollar, the association president told Reuters.

Thursday’s amount is an increase from the $18 million sold weekly by Travelex, Aminu Gwadabe said, adding that the central bank had approved more bureau de change operators participating at the sale.

The central bank, under pressure from the government to narrow the widening spread between the official and black market rates and support its ailing naira, has stepped up dollar sales on the interbank market in recent weeks.

Gwadabe said the central bank approved 3,114 of its members to bid at Thursday’s sale, 714 more than previous sale.

The naira, which traded at 314.50 on the official market, was quoted at 465 on the black market on Thursday.

Reuters

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