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Nigeria’s Dollar Sales Seen Opening Illegal Trade Loophole

  • Operators ordered to sell dollars at below black-market rate
  • Agents aware of arbitrage possibility, will sanction offenders
Photographer: KC Nwakalor/Bloomberg

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Nigeria’s central bank’s decision to resume the supply of dollars to money changers is raising the risk unscrupulous traders will profit from the country’s multiple exchange rates, according to Rand Merchant Bank.