CBN says ‘black market’ plays no role in determination of naira exchange

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A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney

The Central Bank of Nigeria (CBN) does not emphasise the parallel market, which has thin dollar volumes, in the determination of naira exchange rate, its spokesman said on Thursday.

The naira was quoted at a record low of 235 to the dollar on the parallel market on Thursday, down 1.50 naira on the day, as dollar shortages persisted, one trader said.

“There is need to de-emphasize the parallel market. How can less that one percent be determinant of the rate?” central bank spokesman Ibrahim Muazu said.

“Most of those going that way are those that don’t want to be documented.”