Nigeria naira firms 9.7% on black market on plans to sell FX to currency operators

ABUJA- (Reuters) – The Nigerian currency firmed sharply on the black market on Tuesday, gaining 9.65% to 435 naira against the U.S. dollar, traders said, citing central bank’s move to resume forex sales to bureaux de change.

The currency, which had weakened to a low of 480 naira on the black market in recent months, firmed from its previous trade of 477 naira on Friday. On Monday, black market traders had refused to show quotes as panic set in following the central bank’s announcement about retail currency operators on Thursday.

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