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.
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