Nigerian Bureau de Change operators set FX rate at N399/US$

Dollar and Naira bills [Photo credit: NairaFX]

Bureau de Change operators have agreed to set their rate at N399 to the dollar for this week, an official has said.

Aminu Gwadabe, president of the Bureau de Change association, disclosed this to reporters on Tuesday.

Mr. Gwadabe said the association would start publishing a weekly reference exchange rate for the naira, in a bid to reduce the gap with the official interbank market rate.

On the black market, the naira is worth about 40 per cent less than the official rate.

Last month, Finance Minister Kemi Adeosun explained that the central bank would try to narrow the gap, which the government says is hurting an already shaky economy.

On Monday, the naira was quoted at N490 to the dollar on the black market, having been traded at around N305 to the dollar on the official interbank market since August.

Mr. Gwadabe’s statement is believed to be the outcome of a meeting the money changers had with the Central Bank on Tuesday.


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