Nigeria’s black market naira nears central bank rate for consumers -traders

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Nigeria’s naira firmed to 390 per dollar on the black market on Friday, up 2.6 percent from its previous session and near the central bank’s rate for consumers, traders said.

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The central bank said in an emailed statement it received bids for $81 million from authorised dealers on Friday after it offered to sell $100 million in currency forwards on Thursday.

The bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to 375.

On the official interbank market, the currency was quoted at 307 on Friday. February’s partial devaluation effectively created multiple exchange rates in Africa’s biggest economy.

 

 

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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