Business Naira Watch: Tracking Nigeria's Currency [Day 69]

P

ProfRem

Guest
Nigerian naira appreciated 2.45% against the United States Dollar to close at N305. 31 at the Inter-bank foreign exchange market, sixty-nine days after the Central bank of Nigeria removed peg on the country's currency.

At the parallel market, the local currency fell to 480 to the dollar on the black market, from 492 it traded at midday and 472 at the close of trading on Wednesday.

Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.

The Central Bank of Nigeria, CBN had on Tuesday issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange to the interbank market.



nairadollar.jpe

Naira Watch: Tracking Nigeria's Currency [Day 68]

Wednesday Closed: 312.98

Today Open: N315.99

High Rate: N315.25

Low: N312.25
 
Back
Top