CBN weakens naira for first time, sells at N307/$1


– The Central Bank of Nigeria (CBN) weakens Naira marginally

– For the first time official interbank market Dollar is selling at N307

For the first time on the official interbank market, the Central Bank of Nigeria (CBN) on Monday, December 4, weakened the Naira marginally, selling dollars at N307 each, Daily Trust reports.

Traders say this could be a gradual move to merge its multiple exchange rates.

NAIJ.com gathered that the apex bank has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.

The currency was going for the rates between N305 and N306 for months before Monday’s move.

Experta have called for the scrabbling of the multiple exchange rate, arguing that it encourages round tripping.

PAY ATTENTION: Install our latest app for Android and read best news on Nigeria’s #1 news app

According to an earlier report by NAIJ.com, the naira appreciated by 30.3 per cent since February when the Central Bank of Nigeria (CBN) began its aggressive interventions at the foreign exchange market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency had exchanged at N520 to the dollar at the peak of onslaughts by currency speculators before the CBN stated intervening by injecting foreign exchange in the market.

Can 1 Naira ever become 1 US dollar again on the Forex market?

[embedded content]

Source: Naija.ng


view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles
Loading...

Latest Nigeria News