Market News
Nigeria Opens Official Dollar Market to FX Bureaux to Close Naira Street-Rate Gap - BLOOMBERG
By Emele Onu
The Central Bank of Nigeria has for the first time granted currency-exchange bureaux access to dollars at the official market, seeking to ease retail shortages and narrow the gap between the naira’s formal and street rates.
All Bureau de Change’s licensed by the central bank will be allowed to access foreign exchange from the Nigerian Foreign Exchange Market through any authorized dealer of their choice, at the prevailing exchange rate, the bank said in statement on its website. It’s intended “to ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market,” it said.
