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Nigerian bank sets naira rate

Currencies
Lagos - Nigeria’s central bank has set a new naira rate for retail exchange bureaus to sell dollars to consumers, the head of the bureau association told Reuters on Tuesday.

The new rate of 362 a dollar is an 11 percent rise from the last setting in January and will bring the selling price at bureaus close to another consumer rate set on Monday.

Nigeria has several exchange rates - the official one, the black market, a rate for Muslim pilgrims going to Saudi Arabia and a rate for foreign travel, school and medical fees.

The multiplicity of rates is hurting naira assets as foreign investors find it hard to price them, analysts say.

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A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district in Nigeria's commercial capital Lagos

Read also: Black market naira at 499 per dollar

Aminu Gwadabe, head of Nigeria exchange bureaus, said the central bank would sell $8000 each to his members this week at a rate of 360 a dollar, which they would resell to consumers at a profit margin of 2 naira.

Nigeria, Africa's biggest economy, is in recession for the first time in a quarter of a century. 

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