Business Nigeria's BDC Operators Set Naira At 399 Per Dollar Before CBN Meeting



Nigeria's bureau de change operators set their first ever reference exchange rate for the naira at 399 to the dollar on Tuesday, in a bid to help reduce the gap with the official interbank rate.

The government has been pressing retail operators to narrow what it says is a damaging gulf between the naira's official rate - currently at 305 to the dollar - and the parallel rate - as weak as 490 in recent days.


Bureau de Change association president Aminu Gwadabe, who is due to meet central bank officials later on Tuesday, said his members had agreed to set a weekly reference rate to improve liquidity and help rebuild investors' confidence on the economy.

"Once liquidity improves, the wide margin between the parallel and official market rates will be bridged," Gwadabe told reporters.

Source: Reuters