Nigeria's central bank de-emphasises FX rate on black market

by Reuters 0

Nigeria’s central bank does not emphasise the parallel market, which has thin dollar volumes, in the determination of naira exchange rate, its spokesman said on Thursday.

The naira was quoted at a record low of 235 to the dollar on the parallel market on Thursday, down 1.50 naira on the day, as dollar shortages persisted, one trader said.

“There is need to de-emphasize the parallel market. How can less that one percent be determinant of the rate?” central bank spokesman Ibrahim Muazu said. “Most of those going that way are those that don’t want to be documented.”