Nigeria exchange bureaus incur FX losses as black market naira firms -bureaus’ head

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AGOS, March 27  – Nigerian exchange bureaus have incurred forex losses from dollars sourced via the central bank after the value of the naira on the black market rallied following interventions on the official market, the bureaus’ head said on Monday.

Bureaux de Change operators sold dollars bought from the central bank to individuals at 399 naira per dollar, while the black market naira firmed to 390 last week, Aminu Gwadabe told Reuters.

Gwadabe said retail operators had incurred a foreign currency loss of 130 million naira based on the rate differential after the central bank sold $25 million to his members last week.

 

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