Naira firms 1.3 pct to 395 per dollar on black market

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LAGOS, April 20 (Reuters) – Nigeria’s naira firmed 1.27 percent to 395 per dollar on the black market on Thursday, traders said.

The central bank has been intervening on the official market to try to narrow the currency’s spread with the black market rate, which was 520 to the dollar in February after it devalued the naira for retail customers to 375.

On the official market, the currency was quoted at 306 on Thursday. February’s partial devaluation effectively created multiple exchange rates in Africa’s biggest economy.

 

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