Business Naira Watch: Tracking Nigeria's Currency [Day 7]



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Nigerian Naira, Tuesday depreciated against the dollar, trading at 282.75 to a US dollar, seven official business day after the Central Bank of Nigeria removed peg on the country's currency rate.

This is coming a day after Nigeria's President, Muhammadu Buhari stated that he sees no benefit in the Central Bank of Nigeria, CBN's floating of the interbank market.

Naira traded 282.25 to a United States Dollar as of 9:30am in Lagos, nation’s commercial hub, according to data retrieved from Bloomberg terminal.

At the close of the trading period, the Naira was spotted at N282.75 to a US dollar at the inter-bank market

Related: Naira Watch: Tracking Nigeria's Currency [Day 6]

Monday - Closed: 282.25

Today Open: N282.25

High Rate: N283.50

Low: N281.01

Close: 281.76

The naira on Monday depreciated to N350 to a dollar at the parallel market.

Related: President Buhari Says CBN's New FX Policy Has no Benefits

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