Naira Falls By 3.7% to 375/USD on Black Market

Dollar shortage worsens as Central Bank of Nigeria delays announcement of more flexible foreign exchange system, Aminu Gwadabe, president of Bureau de Change Operators of Nigeria told Bloomberg by phone.

According to him:

• “Importers that waited to buy dollars at a better rate under a flexible FX regime have returned to the market following the delay in the policy by the central bank”

• “We’ve seen a lot of mopping up of dollars yesterday and today, which is causing scarcity”

• Naira pegged at 197-199 vs USD since March 2015 by the Central bank of Nigeria

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