Nigerian FX dealers to meet, trading likely to start at between 197 and 370 – sources

LAGOS, June 15 (Reuters) – Nigeria’s currency dealers will meet on Thursday to discuss new forex guidelines issued by the central bank designed to relaunch the interbank market, two senior bank treasurers said.

The meeting, hosted by the association of currency dealers, the Financial Market Dealers Association (FMDA), will seek to determine trading spreads for the currency and circuit breaker, the sources said on Wednesday.

The interbank market, which has been trading around a pegged rate for 16 months, is likely to start trading on Monday at a rate between the fixed rate of 197 and the black market rate of 370 to the dollar, another treasury source said. (Reporting by Chijioke Ohuocha; Additional reporting by Oludare Mayowa; Editing by Alexis Akwagyiram/Mark Heinrich)

Source: Reuters