CBN fixes spread for dollars sold to bureaux de change

The Central Bank of Nigeria (CBN) sold $80 million to bureaux de change operators on Wednesday at ₦196.95 and fixed a spread at which they can resell the dollars of not more than 3.5 percent to its clearing rate.

Aminu Gwadabe, the President of Nigeria’s Bureau de change Association, 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.

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 CBN.