Foreign currency dealers in Nigeria will on Thursday bid for $25 million from international money transfer firm, Travelex, at 381 Naira per dollar.

Thursday's amount is an increase from the $18 million sold weekly by Travelex, said Aminu Gwadabe said, who is the president of Association of Bureau De Change Operators of Nigeria.

He adds that the CBN had approved more bureau de change operators participating in the sale.

The central bank, under pressure from the government to narrow the widening spread between the official and black market rates, has stepped up dollar sales on the interbank market in recent weeks.

Gwadabe said apex bank approved 3,114 of its members to bid at Thursday's sale, 714 more than previous sales.

The Naira, which traded at 314.50 on the official market, was quoted at 465 on the black market on Thursday.