Nigeria's currency dealers to meet, trading expected to start between 197 and 370 - sources - CNBC Africa

Nigeria's currency dealers to meet, trading expected to start between 197 and 370 - sources

Western Africa

by Reuters 0

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LAGOS, June 15 (Reuters) - Nigeria's currency dealers will meet on Thursday to discuss new forex guidelines issued by the central bank designed to relaunch the interbank market, two senior bank treasurers said.

The meeting, hosted by the association of currency dealers, the Financial Market Dealers Association (FMDA), will seek to determine trading spreads for the currency and circuit breaker, the sources said on Wednesday.

READ MORE: REVISED GUIDELINES FOR THE OPERATION OF THE NIGERIAN INTER-BANK FOREIGN EXCHANGE MARKET

READ MORE: GUIDELINES FOR PRIMARY DEALERSHIP IN FOREIGN EXCHANGE PRODUCTS

The interbank market, which has been trading around a pegged rate for 16 months, is likely to start trading on Monday at a rate between the fixed rate of 197 and the black market rate of 370 to the dollar, another treasury source said. (Reporting by Chijioke Ohuocha; Additional reporting by Oludare Mayowa; Editing by Alexis Akwagyiram/Mark Heinrich)

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