The Central Bank of Nigeria (CBN) has cleared 110 more Bureau-de-Change operators to take part in the weekly dollar sale to boost liquidity and support the naira which is weak on the black market.
According to the president of Nigeria’s bureau de change operators, Aminu Gwadabe, “the central bank has cleared a total 3,124 operators for this week’s $25 million auction to be sold by international money transfer firm, Travelex, at 381 naira per dollar.”
He also said that only 3,114 bureau received CBN’s approval last week.
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.
The apex bank also announced an offer for $100 million in currency forwards.
The naira last traded at 307 on the official market at 12:00 noon, while it was quoted at 453 on the black market.
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