Naira traded at 400 for investors on Monday, traders discuss rates

LAGOS: The Nigerian naira traded at about 400 to the dollar in deals for investors on Monday, traders told Reuters, two weeks after the central bank allowed investors to trade the currency at market-determined rates.

Trading sources said investors were demanding rates above 400 naira per dollar while locals were quoting rates as low as 350.

The sources said traders held a conference call last Friday with the market regulator FMDQ OTC Securities Exchange to discuss the wide range of quotes on the naira for investors, although the meeting did not produce any resolutions.