Currencies
Nigeria Offers Dealers Dollars to Close Gap in Currency Rates
- Dollar sales trigger 2.5% naira gain in the parallel market
- Nigeria seeks to end forex premium for investor confidence
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Nigeria’s central bank is offering dollars to money changers and is capping the rate at which they can sell the US currency to close the widening values in the official and parallel markets.
The Abuja-based Central Bank of Nigeria offered to sell $20,000 to each bureau de change operator at 1,450 naira each, and ordered that traders aren’t allowed to sell the greenback at more than 1.5% above the purchase rate, the lender said in a statement on Thursday.