LAGOS Jan 9 Nigeria's central bank officials
will meet bureau de change operators on Tuesday to try to find
ways to eliminate the gap between the official and black market
dollar rates, the association president told Reuters.
The naira lost a third of its official value
against the dollar in 2016 after the bank scrapped a peg in a
bid to alleviate dollar shortages. On the black market, the
naira is worth about 40 percent less than the official rate.
Finance Minister Kemi Adeosun said last month that the
central bank would try to narrow the gap, which the government
says is hurting an already shaky economy, but gave no
Aminu Gwadabe, president of the Bureau de Change
association, said the body would meet central bank officials on
"We would like to find ways to resolve the issue of
multiplicity of exchange rates and ensure stability in the
market," he said, adding that the aim was to boost liquidity and
attract foreign investors.
The central bank often consults industry bodies including
banking and currency associations before finalising policy.
In the past, retail operators accounted for less than 5
percent of total foreign currency trading in Nigeria. But with
liquidity low on the official market, and the central bank the
main supplier of dollars, the bureaux de change have done more
Low prices have dried up the oil income that makes up 70
percent of government revenues and pushed Africa's largest
economy into recession.
The naira has traded at around 305 to the dollar on the
official interbank market since August, while it was quoted at
490 to the dollar on the black market on Monday.
(Additional reporting and writing by Chijioke Ohuocha; Editing
by Kevin Liffey)