November 10, 2016/Cordros

Nigerian security agents, in a bid to support the LCY, raided the offices of black market FX dealers today, detaining some and ordering others to sell dollar at an enforced rate, according to Reuters.

The officers of the Department of State Services (DSS) had earlier directed the officials of the Bureau de Change (BDC) association to peg the dollar at N400 and N390 when selling and buying respectively.  At the time of writing, the naira — in the parallel segment of the FX market – had strengthened by 2.13 percent, 3.51 percent and 1.96 percent relative to the USD, GBP and EUR