Naira at record low on unofficial market after central bank halts dollar sales

LAGOS: Nigeria's naira currency was quoted at a record low of 282 per dollar on the unofficial market on Monday after the central bank said it would stop dollar sales to retail bureaux de change (BDC) operators, one trader said.

The currency, which is pegged at around 198 to the dollar on the official interbank market, was quoted at 277 in early trades on Monday, before the central bank's announcement. The unofficial market accounts for less than 5 percent of total dollar trades in Nigeria.

"95 percent of BDCs depend on the central bank window for dollars," Aminu Gwadabe, president of the bureaux de change association, told Reuters.