Business Naira Weakens to N253/Dollar at the Interbank Market


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Nigeria’s naira weakened 22 percent to 253.50 per dollar after the central bank allowed the currency of Africa’s biggest economy to float freely on Monday.

Demand for foreign currency has built up to about $3 billion since capital controls were imposed 15 months ago to defend the currency’s peg of 197-199 per dollar, according to Chapel Hill Denham Securities Ltd.

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Banks may gain as the policy change allows them to profit from foreign-exchange volatility and boost trading income, analysts at Exotix Partners LLP said.

Central bank Governor Godwin Emefiele last Wednesday announced the end of the currency, surprising analysts who had expected the oil producer to turn to a two-tiered system with tighter controls on the exchange rate.






Source: Bloomberg
 
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ProfRem

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Naira rate now at 260 with 24% drop

The Naira weakens 24% to 260 against US Dollar as of 11.06am in Lagos, commercial capital as Central Bank of Nigeria allows currency to trade freely.

the currency was earlier quoted at 253 as the Inter bank market opens operation early this morning.
 
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