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The naira on Tuesday weakened further at the interbank market to 324.20 to a dollar, thirty-nine days after the Central Bank of Nigeria introduced the flexible exchange rate policy.
The currency on Monday closed at 320.25 to the United States Dollar.
Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday resolved to raise the amount of weekly foreign currencies which banks are authorised to sell to bureau de change operators (BDCs) to $50,000 from the initial $30,0000.
Also, the apex bank said the special intervention fund drawn from banks’ cash reserves sometime ago will now be disbursed to support the real sector, particularly primary agricultural projects and core manufacturing.
Naira Watch: Tracking Nigeria's Currency [Day 38]
Monday Closed: 324.20
Today Open: N320.25
High Rate: N325
Low: N315.25
Related: FG Set to Train 100,000 Graduates As Extension Workers in Farms - Osinbajo
The currency on Monday closed at 320.25 to the United States Dollar.
Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday resolved to raise the amount of weekly foreign currencies which banks are authorised to sell to bureau de change operators (BDCs) to $50,000 from the initial $30,0000.
Also, the apex bank said the special intervention fund drawn from banks’ cash reserves sometime ago will now be disbursed to support the real sector, particularly primary agricultural projects and core manufacturing.
Naira Watch: Tracking Nigeria's Currency [Day 38]
Monday Closed: 324.20
Today Open: N320.25
High Rate: N325
Low: N315.25
Related: FG Set to Train 100,000 Graduates As Extension Workers in Farms - Osinbajo