Nigeria’s central bank sold $80 million to bureaux de change operators on Wednesday at 196.95 naira and fixed a spread at which they can resell the dollars of not more than 3.5 percent to its clearing rate, the association president said.
The naira weakened to a new low of 242 on the parallel market, down 0.41 percent on the day, as persistent dollar shortages continued, Aminu Gwadabe, president of Nigeria’s bureau de change association, told Reuters.
On the official interbank market, the naira ended at the bank’s pegged rate of 196.95 to the dollar. Traders attributed five blocks of dollar sales close to the end of Wednesday’s trading, totalling $31 million, to the central bank.
Will they obey the King’s orders?