Naira firms on Black Market after Central Bank action

Nigeria's naira firmed 1.1 percent to 510 on the black market on Wednesday, bureau de change (BDC) traders said, after the central bank started to supply dollars for retail transactions in a bid to narrow the spread with the official exchange rate.

Most BDCs were showing only offers to sell at 510 with no bids, having sourced dollars privately at peak rates of 520 per dollar. The naira was quoted at 305.25 per dollar on the official market.

The central bank stepped up dollar sales on the interbank currency market on Tuesday, a day after it effectively devalued the naira for retail currency sales.