P
ProfRem
Guest
The naira on Thursday appreciated to close at 338.75 to the dollar at the inter-bank market, forty -six days after the Central bank of Nigeria introduced the flexible exchange rate policy, according to data compiled by Bloomberg.
The Currency initially weakened 8.9% to 342.05 per dollar by 12:45pm in Lagos, the commercial capital.
Analysts believed this might be connected to the Central Bank of Nigeria (CBN) hammer on eight banks from all foreign exchange transactions for breach of extant financial regulations
The Banks were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.
Naira Watch: Tracking Nigeria's Currency [Day 45]
Wednesday Closed: 328.25
Today Open: N340.25
High Rate: N342.05
Low: N310.
Recommended: CBN to Block Dud Cheque Issuers From Operating Current Accounts
The Currency initially weakened 8.9% to 342.05 per dollar by 12:45pm in Lagos, the commercial capital.
Analysts believed this might be connected to the Central Bank of Nigeria (CBN) hammer on eight banks from all foreign exchange transactions for breach of extant financial regulations
The Banks were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.
Naira Watch: Tracking Nigeria's Currency [Day 45]
Wednesday Closed: 328.25
Today Open: N340.25
High Rate: N342.05
Low: N310.
Recommended: CBN to Block Dud Cheque Issuers From Operating Current Accounts