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

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

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