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Nigeria To Arrest Black-Market Naira Traders to Stem Decline

  • Traders need to keep to exchange rate of around 400 per dollar
  • Naira rises on black market, according to dealers’ association
Photographer: Suzanne Plunkett/Bloomberg
Updated on

Nigeria’s intelligence service has been asked to clamp down on money-changers and black-market currency dealers in a bid to defend the naira.

Dealers who trade at an exchange rate weaker than 400 naira per dollar face arrest and prosecution from the State Security Service, according to Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria. Foreign-exchange bureaus agreed to “to control the market so we will have sanity” and they have the “backing” of the central bank on the new rates, he said by phone from Lagos, the commercial center.