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Nigeria retail currency traders set FX rate before cenbank meeting

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Nigeria retail currency traders set FX rate before cenbank meeting

Nigeria retail currency traders set FX rate before cenbank meeting*/

(Adds details, quote, background)By Oludare MayowaLAGOS, Jan 10 (Reuters) – Nigeria’s bureau de change operators set their first ever reference exchange rate for the naira at 399 to the dollar on Tuesday, saying they wanted to help reduce the gap with the official interbank rate.The government has been pressing retail operators to narrow what it says is a damaging gulf between the naira’s official rate – currently at 305 to the dollar – and the parallel rate – as weak as 490 in recent days.Bureau de Change association president Aminu Gwadabe, who is due to meet central bank officials later on Tuesday, said his members had agreed to set a weekly reference rate to improve liquidity and help rebuild investors’ confidence on the economy.
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Nigeria’s retail currency traders set FX rate at 399/US$ this week

Nigeria's retail currency traders set FX rate at 399/US$ this week*/

LAGOS Jan 10 Nigeria’s bureau de change operators said on Tuesday they would start publishing a weekly reference exchange rate for the naira, in a bid to reduce the gap with the official interbank market rate.Aminu Gwadabe, president of the Bureau de Change association, told reporters that his members had agreed to set their rate at 399 naira to the dollar for this week.The naira trades at 305 on the official interbank market but has been quoted as weak as 490 on the open retail market in recent days.
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Three former London-based traders face US charges over currency rigging

Three former London-based traders face US charges over currency rigging*/

A trio of former City of London traders have been charged by American prosecutors as part of a long-running probe into rigging the $5.3 trillion a day foreign exchange market.The US Department of Justice on Tuesday night brought criminal charges against the three – who were part of an online chat room called “The Cartel” which is alleged to have been used to manipulate foreign exchange – alleging they sought to manipulate the price of US dollars and euros in the currency market.The three men are Chris Ashton, who was formerly global head of spot trading at Barclays, ex-JP Morgan dealer Richard Usher, and Rohan Ramchandani, formerly of Citigroup.
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