CBN Approves Dollar Sale to More Bureau De Change Operators

Farouk Mohammed March 16, 2017

Less than a minute

The Central Bank of Nigeria (CBN) on Thursday cleared more retail currency bureaux to take part in a weekly dollar sale to boost liquidity and support the naira which is weak on the black market.

Aminu Gwadabe, president of Nigeria’s bureau de change operators, said the central bank cleared 3,124 bureaux for this week’s $25 million auction to be sold by international money transfer firm Travelex at 381 naira per dollar.

The bank approved 3,114 bureaux last week, Gwadabe said.

The CBN, under pressure from the government to narrow the gap between the official and black market rates and support the weakening naira, has stepped up dollar sales on the official interbank market in recent weeks.

On Thursday the bank also announced an offer for $100 million in currency forwards.

The naira last traded at 307 on the official market at 1200 GMT, while it was quoted at 453 on the black market.

(REUTERS)