Trading is likely to take-off between 197 and 370 on Monday as Nigeria’s currency dealers will meet on Thursday to discuss new forex guidelines issued by the central bank designed to relaunch the interbank market, two senior bank treasurers said.

The meeting, hosted by the association of currency dealers, the Financial Market Dealers Association (FMDA), will seek to determine trading spreads for the currency and circuit breaker, the sources said on Wednesday.

The interbank market, which has been trading around a pegged rate for 16 months, is likely to start trading on Monday at a rate between the fixed rate of 197 and the black market rate of 370 to the dollar, another treasury source said.

http://www.financialwatchngr.com/2016/06/15/new-fx-policy-trading-likely-start-197-370-sources/

The spread is very important in order to end rent seekers and biased speculations. Probably a 5 percentage point should be okay.