LAGOS Feb 22 Nigeria's naira firmed 1.1 percent
to 510 on the black market on Wednesday, bureau de change (BDC)
traders said, after the central bank started to supply dollars
for retail transactions in a bid to narrow the spread with the
official exchange rate.
Most BDCs were showing only offers to sell at 510 with no
bids, having sourced dollars privately at peak rates of 520 per
dollar. The naira was quoted at 305.25 per dollar on the
The central bank stepped up dollar sales on the interbank
currency market on Tuesday, a day after it effectively devalued
the naira for retail currency sales.
(Reporting by Chijioke Ohuocha; Editing by Catherine Evans)