Nigerian black market naira rate firms as interbank trading begins – Reuters

LAGOS, June 20 (Reuters) – Nigerian black market foreign exchange dealers were quoting the naira in a spread between 325-345 to the U.S. dollar on Monday, firmer than 355 on Friday as new interbank trading started.

The naira slumped 23 percent to 255 against the U.S. dollar on the official interbank market which began trading on Monday after the central bank removed its currency peg.

Economists said the gap between the official rate and the black market should narrow on expectations that increased foreign exchange liquidity between banks would ease demand for hard currency on the street. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Writing by Joe Brock; Editing by Alison Williams)