January 13, 2017 / 2:48 PM / 7 months ago

Nigeria naira falls to nearly 500 per dollar on unapproved open market-traders

LAGOS, Jan 13 (Reuters) - The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said.

Bureau de change operators said the central bank had approved 399 naira for retail trades next week, their association said in an internal memo seen by Reuters.

The naira hit 497 per dollar on the unapproved open retail market on Friday, weaker than its opening level of 495. On the official interbank market it ended at 305 to the greenback, a level it has closed at since last August. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Editing by Dominic Evans)

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