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UPDATE 1-Nigeria's black market naira nears central bank rate for consumers -traders
March 24, 2017 / 6:46 PM / 8 months ago

UPDATE 1-Nigeria's black market naira nears central bank rate for consumers -traders

(Adds currency forwards details)

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 said in an emailed statement it received bids for $81 million from authorised dealers on Friday after it offered to sell $100 million in currency forwards on Thursday.

The 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 and Camillus Eboh in Abuja; writing by Chijioke Ohuocha and Alexis Akwagyiram; Editing by Alison Williams)

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