Business Naira Watch: Tracking Nigeria's Currency [Day 40]



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The naira on Wednesday further dropped at the interbank market to 326. 75 t a dollar, forty exact day the Central bank of Nigeria introduced the flexible exchange rate policy.

The naira weakened to 324.20 to a dollar on Tuesday against its closing rate of N320 to the dollar on Monday, according to data mined from the Bloomberg terminal.

On the parallel market side, the naira declined to 394 to the dollar, 510 and 435 to the Pound and Euro respectively.

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 39]

Tuesday Closed: 324.20
Today Open: N321.25
High Rate: N326.88
Low: N310.25

Related: CBN Battles to Save Naira, Increases Weekly Allocation of BDCs to $50,000
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