March 24, 2017 / 2:30 PM / 5 months ago

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

LAGOS, March 24 (Reuters) - 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.

The central 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. (Reporting by Chijioke Ohuocha, editing by Larry King)

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